NJ Law Would Forbid Companies from Deducting Court-Ordered Punitive Damages
When a mesothelioma victim wins a settlement, it’s rarely just about the money. While they certainly are entitled to compensation for their medical bills and pain and suffering, part of them undoubtedly wants to send a message to businesses that expose their employees to asbestos while letting future victims know that they too can hold their former employers accountable. Unfortunately, as much as the asbestos exposed worker and their family may want the asbestos companies ” “FEEL” the settlement they paid, New Jersey currently permits these companies to deduct the punitive damages from their corporate business and gross income taxes. Thanks to the proposal of a new law, however, that may change very soon.
A bill before the New Legislature would prevent companies from treating punitive damages as part of the “simple cost of doing business” by disallowing them the right to deduct the money they pay out to plaintiffs in personal injury lawsuits. The Senate Budget and Appropriations Committee on June 23 recommended approval of the bill, S3034, which heads to the Assembly after a split vote of 8-4. Supporters of the legislation claim the bill will ensure more accountability to negligent and at-fault companies, including Pecora Corp. who recently had to pay out $650,000 to a man who contracted mesothelioma from asbestos exposure while in their employ.
What’s to stop companies from committing negligence or mistreatment of their employees if they can simply buy insurance or write off the money they pay out at the end of the year? Nothing. This proposed law helps protect workers and their families. We urge you to contact your Assemblyman to support it.
If you or a loved one has contracted mesothelioma, lung cancer or other injury from asbestos exposure while on the job, you need to send a clear message to your employer that such actions are unacceptable. Barry Sugarman has represented workers against asbestos companies since 1992. Contact Sugarman Law so you can hold those who made and sold dangerous and deadly products accountable.
Barry Sugarman is a New Jersey attorney who has spent years helping clients get the justice and compensation they deserve for their work-related mesothelioma and lung cancer. Mr. Sugarman has recovered millions of dollars for thousands of workers and families who suffered injuries or death at the hands of asbestos manufacturers and companies that manufactured asbestos-insulated equipment. Contact him today for a free consultation.