Fairness in Asbestos Injury Resolution Act of 2003

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.