[Congressional Record (Bound Edition), Volume 149 (2003), Part 14]
[Senate]
[Page 18778]
[From the U.S. Government Publishing Office, www.gpo.gov]




           FAIRNESS IN ASBESTOS INJURY RESOLUTION ACT OF 2003

  Mr. GRASSLEY. Mr. President, I rise today to inform my colleagues 
that I have raised an objection to proceeding to S. 1125. Although I 
support finding a solution to the asbestos litigation crisis, there are 
a number of problems with this bill as currently drafted regarding the 
tax treatment of the asbestos fund. These problems affect the tax 
treatment of the amounts paid into and received from the asbestos fund. 
If not remedied, there could be serious adverse tax consequences to the 
companies, the asbestos fund, and, most importantly, the beneficiaries. 
These tax issues are within the jurisdiction of the Finance Committee, 
I believe that S. 1125 should be referred to the Finance Committee, but 
in the event it is not, the bill should be held from the floor until 
the Finance Committee can report a separate tax title for floor 
consideration.

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