12 2 STA T .3805PUBLIC LA W 110 – 3 4 3 —O CT. 3 , 2008 ‘ ‘ (i ii )EMPLOYE E R EM AINSC O V ERE D E X EC UT IVE .—Ifanemploy eei s a c o v e r e d e x ec ut ive w it h respect to an applica b le employer for any applicable taxable year , such employee shall be treated as a covered executive with respect to such employer for all subse -q uent applicable taxable years and for all subsequent taxable years in which deferred deduction executive remuneration with respect to services performed in all such applicable taxable years would (but for this para g raph) be deductible. ‘‘(E) EXECUTIVE REMUNERATION.— F or purposes of this paragraph, the term ‘executive remuneration ’ means the applicable employee remuneration of the covered executive, as determined under paragraph ( 4 ) without regard to sub- paragraphs ( B ),( C ),and( D ) thereof. S uch term shall not include any deferred deduction executive remuneration with respect to services performed in a prior applicable taxable year. ‘‘(F) DE F ERRED DEDUCTION EXECUTIVE REMUNERA- TION.—For purposes of this paragraph, the term ‘deferred deduction executive remuneration’ means remuneration which would be executive remuneration for services per- formed in an applicable taxable year but for the fact that the deduction under this chapter (determined without regard to this paragraph) for such remuneration is allow- able in a subsequent taxable year. ‘‘( G ) COORDINATION.— R ules similar to the rules of sub- paragraphs (F) and (G) of paragraph (4) shall apply for purposes of this paragraph. ‘‘( H )RE G ULATORY AUT H ORITY.— T he Secretary may pre- scribe such guidance, rules, or regulations as are necessary to carry out the purposes of this paragraph and the Emer- gency Economic Stabili z ation A ct of 20 0 8 , including the extent to which this paragraph applies in the case of any acquisition, merger, or reorganization of an applicable employer.’’. (b) GOLDEN P ARACHUTE RULE.—Section 280G of the Internal Revenue Code of 19 8 6 is amended— (1) by redesignating subsection (e) as subsection (f), and (2) by inserting after subsection (d) the following new sub- section
‘‘(e) SPECIAL RULE FOR APPLICATION TO EMPLOYERS PARTICI- PATING IN THE TROU B LED ASSETS RELIEF PROGRAM.— ‘‘(1) IN GENERAL.—In the case of the severance from employ- ment of a covered executive of an applicable employer during the period during which the authorities under section 101(a) of the Emergency Economic Stabilization Act of 2008 are in effect (determined under section 120 of such Act), this section shall be applied to payments to such executive with the fol- lowing modifications: ‘‘(A) Any reference to a disqualified individual (other than in subsection (c)) shall be treated as a reference to a covered executive. ‘‘(B) Any reference to a change described in subsection (b)(2)(A)(i) shall be treated as a reference to an applicable severance from employment of a covered executive, and any reference to a payment contingent on such a change 26USC 2 80G.
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