HR 697
Stop Subsidizing Multimillion Dollar Corporate Bonuses Act
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- Passed House
- Passed Senate
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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 increases the definition of ‘covered individual’ to include employees who performed services for the company after December 31, 2020, and those who previously held high-level officer positions. The bill also clarifies the definition of a ‘publicly held corporation’ and provides the IRS with regulatory authority to prevent companies from avoiding these rules through other business structures.
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Primary sponsor
Cosponsors
David E. Price
David N. Cicilline
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