Congress 107 - HR 3622 - Emergency Worker and Investor Protection Act of 2002

Sponsor

Cosponsors

Topics

Accounting and financial statements Business income tax Commerce Corporate collapse Corporate debt Corporate governance Employee ownership Employee pensions Excise tax Executives Finance and Financial Sector Financial statements Golden parachutes Income tax Information disclosure (Securities law) Labor and Employment Law Partnerships Pension funds Personal income tax Securities regulation Tax deductions Tax penalties Taxation Trusts and trustees

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Summary

Emergency Worker and Investor Protection Act of 2002 - Amends Internal Revenue Code concerning golden parachute payments to include within the definition of the term "excess parachute payment" any amount realized by a corporate insider on the sale or exchange of stock in the corporation with respect to which an individual is a corporate insider if such sale or exchange occurs while such corporation maintains a transfer-restricted 401(k) plan (thereby subjecting such sales to a 20 percent excise tax). Defines the terms "corporate insider" and "transfer-restricted 401(k) plan."

Includes within the definition of the term "disqualified debt instrument," in the case of an SEC registrant: (1) any indebtedness of such registrant if such indebtedness is not shown in the certified annual report as part of the total liabilities of such registrant; and (2) any indebtedness of an off-balance-sheet entity if the proceeds from the issuance of such indebtedness are used directly or indirectly to acquire stock in such registrant (thereby denying the deduction for payments on debt instruments not included as liabilities for purposes of shareholder recording). Defines the terms "certified annual report," "SEC registrant," and "off balance-sheet entity."

Actions

Jan 24, 2002

Referred to the House Committee on Ways and Means.
Jan 24, 2002

Sponsor introductory remarks on measure. (CR E17-18)
Jan 24, 2002

Introduced in House

Amendments

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