To amend the Internal Revenue Code of 1986 to provide relief for payment of asbestos-related claims.
Last action on Apr 5, 2001Sponsor introductory remarks on measure. (CR E564)
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Summary
Amends Internal Revenue Code provisions concerning designated settlement funds to exempt from tax any designated settlement fund established for the principal purpose of resolving and satisfying present and future claims relating to asbestos. Sets forth special rules concerning asbestos liability losses.
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