Stop Subsidizing Multimillion Dollar Corporate Bonuses Act

The bill would amend the Internal Revenue Code to expand the denial of tax deductions for excessive employee remuneration by broadening the definition of "covered individual" to include more types of workers and changing references from "employee" to "individual" and "covered employee" to "covered individual." It would also modify the definition of a publicly held corporation to include entities that were required to file reports under the Securities Exchange Act at any time during the prior three taxable years, and grant the Treasury Secretary regulatory authority to issue guidance to prevent avoidance of the rule through pass-through entities. The changes would apply to taxable years…

AI summary · The lawmakers haven’t published an official summary of this bill yet, so 52 wrote this one from the bill’s text.