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26 USC CHAPTER 46 - GOLDEN PARACHUTE PAYMENTS 01/06/03

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TITLE 26 - INTERNAL REVENUE CODE

Subtitle D - Miscellaneous Excise Taxes

CHAPTER 46 - GOLDEN PARACHUTE PAYMENTS

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CHAPTER 46 - GOLDEN PARACHUTE PAYMENTS

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Sec.

4999. Golden parachute payments.

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CHAPTER REFERRED TO IN OTHER SECTIONS

This chapter is referred to in section 275 of this title.

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26 USC Sec. 4999 01/06/03

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TITLE 26 - INTERNAL REVENUE CODE

Subtitle D - Miscellaneous Excise Taxes

CHAPTER 46 - GOLDEN PARACHUTE PAYMENTS

-HEAD-

Sec. 4999. Golden parachute payments

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(a) Imposition of tax

There is hereby imposed on any person who receives an excess

parachute payment a tax equal to 20 percent of the amount of such

payment.

(b) Excess parachute payment defined

For purposes of this section, the term "excess parachute payment"

has the meaning given to such term by section 280G(b).

(c) Administrative provisions

(1) Withholding

In the case of any excess parachute payment which is wages

(within the meaning of section 3401) the amount deducted and

withheld under section 3402 shall be increased by the amount of

the tax imposed by this section on such payment.

(2) Other administrative provisions

For purposes of subtitle F, any tax imposed by this section

shall be treated as a tax imposed by subtitle A.

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(Added Pub. L. 98-369, div. A, title I, Sec. 67(b)(1), July 18,

1984, 98 Stat. 587.)

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EFFECTIVE DATE

Section applicable to payments under agreements entered into or

renewed after June 14, 1984, in taxable years ending after such

date, with contracts entered into before June 15, 1984, which are

amended after June 14, 1984, in any significant relevant aspect to

be treated as a contract entered into after June 14, 1984, see

section 67(e) of Pub. L. 98-369, set out as a note under section

280G of this title.

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