Stop Subsidizing Multimillion Dollar Corporate Bonuses Act.
This bill amends the Internal Revenue Code of 1986 to expand the denial of deduction for certain excessive employee remuneration. It changes the term 'covered employee' to 'covered individual' and modifies the definition to include a broader range of individuals performing services for the taxpayer. The legislation also grants regulatory authority to prevent the avoidance of these rules.
Key points
Expands the denial of tax deductions for excessive remuneration by changing the scope from 'covered employee' to 'covered individual'.
Updates the definition of covered individuals to include those performing services for the taxpayer in taxable years beginning after December 31, 2020, and certain past executives.
Authorizes the Secretary to prescribe regulations to prevent avoidance of these purposes, including compensation provided through pass-through entities.
Introduced
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