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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
5/8/1978--Introduced. Product Liability Insurance Tax Equity Act - Amends the Internal Revenue Code to qualify trusts established for the payment of product liability claims as tax exempt organizations. Allows taxpayers a business income tax deduction for contributions to such trusts only to the extent they exceed the reasonable costs of product liability insurance for the deducting taxpayer.