Product and Professional Design Liability Insurance Tax Equity Act of 1979

Product and Professional Design Liability Insurance Tax Equity Act of 1979 - Amends the Internal Revenue Code to exempt from the income tax, trusts established for the payment of product liability claims, professional design liability claims, and related expenses. Allows a tax deduction for contributions to such trusts only to the extent they do not exceed the reasonable costs of product and professional liability insurance for the deducting taxpayer.