S 2268
Stop Subsidizing Multimillion Dollar Corporate Bonuses Act
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- Passed Senate
- Passed House
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- Became Law
Bill overview
This bill, the Stop Subsidizing Multimillion Dollar Corporate Bonuses Act, aims to limit the tax deductions corporations can take for high executive compensation. It expands the existing rules in Section 162(m) of the Internal Revenue Code to apply to a broader range of employees, not just top executives. Specifically, it changes the definition of ‘covered individual’ and clarifies that companies required to file reports under the Securities Exchange Act of 1934 are considered publicly held corporations. The bill also allows the Secretary of the Treasury to issue regulations to prevent companies from avoiding these restrictions.
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