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Executive Accountability Act of 2002

Introduced: July 10, 2002 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 10, 2002

Referred to the House Committee on Ways and Means.

Jul 10, 2002

Introduced in House

Plain-English summary Congressional Research Service

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.

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.

What's happening now July 10, 2002

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1