H.R.5088 - Executive Accountability Act of 2002107th Congress (2001-2002)
|Sponsor:||Rep. Matsui, Robert T. [D-CA-5] (Introduced 07/10/2002)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 07/10/2002 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5088 — 107th Congress (2001-2002)All Information (Except Text)
Executive Accountability Act of 2002 - Amends the Internal Revenue Code to negate, in specified cases, the performance-based compensation exception to the $1,000,000 limitation on deductible compensation paid by publicly held corporations.
Introduced in House (07/10/2002)
Includes in gross income funded deferred compensation of a corporate insider if the insider's corporation funds its defined contribution plan with employer stock, with specified exceptions.
Includes in gross income the net unrealized built-in gain on options held by a corporate insider to acquire stock in an expatriate corporation or in any member of an expanded affiliated group which includes such corporation.
Applies the golden parachute excise tax to certain cases of deferred compensation paid by a corporation to a corporate insider after such individual has left the firm if the stock value of the corporation has recently suffered a major decline or the corporation has recently declared bankruptcy.