Stop Subsidizing Multimillion Dollar Corporate Bonuses Act
The bill amends the Internal Revenue Code of 1986 to expand the denial of deduction for certain excessive employee remuneration. It broadens the definition of 'covered individual' to include any individual performing services for the taxpayer, as well as certain former principal executive or financial officers. The legislation also grants regulatory authority to prevent the avoidance of these purposes through pass-through entities.
Key points
Expands the denial of tax deductions for excessive remuneration, referred to in the title as multimillion dollar corporate bonuses.
Redefines the scope from 'covered employees' to 'covered individuals,' applying to a wider range of service providers and former officers.
The amendments apply to taxable years beginning after December 31, 2024.
Introduced
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