General Aviation Industry Reparations Act of 2002

General Aviation Industry Reparations Act of 2002 - Directs the President to take certain actions to compensate general aviation entities and their employees for economic injuries incurred by them as a result of the terrorist attacks on the United States on September 11, 2001, including to: (1) issue them federal credit instruments (including subsidy amounts for such instruments) in the aggregate not to exceed $3 billion; and (2) compensate them and employees in the aggregate not to exceed $2.5 billion for direct losses incurred as a result of any Federal ground stop order or flight restrictions for a period of one week or more imposed in response to the increased security required by such attacks, as well as certain incremental losses, especially those incurred by employees of an entity receiving assistance who lost their jobs (other than for cause) as a result of such attacks. Designates the amount of new budget authority and outlays in all fiscal years resulting from this Act as an emergency requirement pursuant to the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).

(Sec. 3) Authorizes the Air Transportation Stabilization Board to enter into agreements with one or more obligors to issue such instruments. Sets forth certain Board and instrument requirements.

(Sec. 4) Limits the amount of compensation payable to a general aviation entity and employee.

(Sec. 6) Amends Federal aviation law to authorize the Secretary of Transportation to provide insurance or reinsurance, or reimbursement of insurance costs increases, to a general aviation entity against loss or damage arising from the operation of nonmilitary aircraft while in the United States.

(Sec. 7) Requires the President to report to specified congressional committees on the amount of assistance provided under this Act to each general aviation entity, including the financial status of such entity.

(Sec. 8) Authorizes the President to issue a Federal credit instrument to a general aviation entity if it has entered into a binding agreement to: (1) pay costs attributable to providing health insurance coverage for former and current employees who lost their jobs and coverage because of the terrorist attacks; and (2) maintain current health benefit and contribution levels for currently insured employees. Limits the obligation of a general aviation entity to pay for and maintain such coverage to a six month period.

(Sec. 9) Defines "general aviation entity" to mean any person (non-air carrier) that: (1) operates nonmilitary aircraft to conduct its primary business; (2) manufactures nonmilitary aircraft with a maximum seating capacity of fewer than 20 passengers, or aircraft parts to be used in such aircraft; (3) provides services necessary for nonmilitary operations; or (4) operates a nonprimary airport meeting certain criteria. Includes fixed based operators, flight schools, manufacturers of general aviation aircraft and products, persons engaged in nonscheduled aviation enterprises, and general aviation independent contractors.