Employment Security Reform Act of 2002

[AI summary unavailable — showing source text] Employment Security Reform Act of 2002 - Amends the Internal Revenue Code (IRC) to revise Federal Unemployment Tax Act (FUTA) employer excise tax rate requirements. Reduces the current FUTA employer tax rate of 6.2 percent of total employee wages before the State credit and 0.8 after the State credit to: (1) 6.0 and 0.6 in 2003 and 2004; (2) 5.8 and 0.4 in 2005 and 2006; and (3) 5.6 and 0.2 in 2007 and each succeeding calendar year. Amends the Federal-State Extended Unemployment Compensation Act of 1970 to repeal certain State law extended benefit requirements. Revises requirements relating to funding and administration of unemployment compensation and public employment service systems under the Social Security Act (SSA), the Wagner-Peyser Act, and IRC FUTA. Amends SSA title IX provisions (also known as the Reed Act) to revise special Reed Act transfers in FY 2004 and 2005. Repeals: (1) special rules for State Reed Act appropriation laws; (2) special conditions on recent Reed Act distributions; and (3) restoration authority. Provides for transfer of Federal equity in State employment security agency real property to the States. Provides for: (1) IRC treatment of short-time compensa…