§ 4999. Golden parachute payments

219 words·~1 min read·/usc/title-26/section-4999

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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.

(Added Pub. L. 98–369, div. A, title I, § 67(b)(1), July 18, 1984, 98 Stat. 587.)

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Cited by 2 sections

U.S. Code

§ 280G
Golden parachute payments

statutes-at-large

Public Law 98–369
To provide for tax reform, and for deficit reduction

Traces to 1 document

U.S. Code

Golden parachute payments
§ 280G

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Pub. L. 98–369, div. A, title I, § 67(b)(1)
98 Stat. 587
section 67(e) of Pub. L. 98–369

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§ 4999

Golden parachute payments

Stat.×1

U.S.C.×1

U.S.C.§ 280G

Pub. L.Pub. L. 98–369, div. A, title I, § 67(b)(1)

Stat.98 Stat. 587

Pub. L.section 67(e) of Pub. L. 98–369

Cites 4Cited by 2 across 2 sources