Summary: H.R.3622 — 107th Congress (2001-2002)All Information (Except Text)

There is one summary for H.R.3622. Bill summaries are authored by CRS.

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Introduced in House (01/24/2002)

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."