Asbestos Tax Bill

WASHINGTON, D.C. - The U.S. Senate has introduced the first asbestos-related bill of the 107th Congress, putting on the table a tax bill identical to one introduced by the House earlier this year.

A bill "To Amend the Internal Revenue Code of 1986 to Provide Relief for Payment of Asbestos-Related Claims" was introduced June 14 by sponsoring Sen. Mike DeWine (R-Ohio).

photo-6 DeWine introduced a similar bill last Congress that failed to reach a vote in the final days of the session.

Under the new bill, asbestos defendants would be able to carry back losses for a current year's liability …