26 U.S. Code § 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
(c) Administrative provisions
Source(Added Pub. L. 98–369, div. A, title I, § 67(b)(1),July 18, 1984, 98 Stat. 587.)
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) ofPub. L. 98–369, set out as a note under section 280G of this title.