Ending Tax Deductions for Multimillion-Dollar Corporate Executive Bonuses
This bill expands the rules preventing corporations from deducting compensation exceeding $1 million annually from their taxes. The change broadens the scope of covered individuals to include those performing services for the taxpayer, and modifies the definition of publicly held corporations. It also grants the Secretary authority to issue regulations to prevent the avoidance of these rules.
Key points
Corporations will be denied tax deductions for compensation over $1 million paid to a wider range of individuals, including those performing services directly or indirectly.
The definition of 'covered individual' is expanded to include certain officers from taxable years beginning after December 31, 2016, and before January 1, 2023.
The amendments apply to taxable years beginning after December 31, 2022.
Expired
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