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Stop Tax Breaks for Multimillion Dollar Corporate Bonuses

This act aims to expand the denial of tax deductions for certain excessive employee remuneration. This means companies will be limited in reducing their taxes by deducting compensation paid to covered individuals.
Key points
Companies will face expanded restrictions on deducting excessive executive remuneration from their taxes.
The definition of individuals subject to these limitations has been expanded from 'covered employee' to 'covered individual' to include more service providers.
These changes modify the definition of publicly held corporations and take effect for tax years beginning after December 31, 2020.
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Expired
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Additional Information
Print number: 117_S_178
Sponsor: Sen. Reed, Jack [D-RI]
Process start date: 2021-02-02
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Summarized by: gemini-3-pro-preview
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Stop Subsidizing Multimillion Dollar Corporate Bonuses Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_178.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-02-02.

What are the main provisions?

Key points include:

  • Companies will face expanded restrictions on deducting excessive executive remuneration from their taxes.
  • The definition of individuals subject to these limitations has been expanded from 'covered employee' to 'covered individual' to include more service providers.
  • These changes modify the definition of publicly held corporations and take effect for tax years beginning after December 31, 2020.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Reed, Jack [D-RI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Taxes Economy