summary
Introduced
07/25/2019
07/25/2019
In Committee
07/25/2019
07/25/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to expand the denial of deduction for certain excessive employee remuneration, and for other purposes. This bill extends the $1 million limit on the deductibility of executive compensation to all employees of publicly traded corporations.
AI Summary
This bill, the "Stop Subsidizing Multimillion Dollar Corporate Bonuses Act," amends the Internal Revenue Code to expand the $1 million limit on the deductibility of executive compensation to all employees of publicly traded corporations. It also modifies the definition of a "publicly held corporation" to include any company that was required to file reports under the Securities Exchange Act at any time during the three-year period ending with the taxable year. The bill grants the Secretary of the Treasury the authority to issue regulations to prevent the avoidance of these provisions through compensation provided through pass-through or other entities.
Committee Categories
Budget and Finance
Sponsors (36)
Lloyd Doggett (D)*,
Don Beyer (D),
Earl Blumenauer (D),
Matt Cartwright (D),
Judy Chu (D),
David Cicilline (D),
Peter DeFazio (D),
Rosa DeLauro (D),
Mark DeSaulnier (D),
Adriano Espaillat (D),
John Garamendi (D),
Raúl Grijalva (D),
Brian Higgins (D),
Hank Johnson (D),
Marcy Kaptur (D),
Ro Khanna (D),
Barbara Lee (D),
Ted Lieu (D),
David Loebsack (D),
Alan Lowenthal (D),
Jim McGovern (D),
Gwen Moore (D),
Grace Napolitano (D),
Eleanor Holmes Norton (D),
Alexandria Ocasio-Cortez (D),
Bill Pascrell (D),
Mark Pocan (D),
David Price (D),
Jamie Raskin (D),
Lucille Roybal-Allard (D),
Bobby Rush (D),
Jan Schakowsky (D),
José Serrano (D),
Mark Takano (D),
Peter Visclosky (D),
Bonnie Watson Coleman (D),
Last Action
Referred to the House Committee on Ways and Means. (on 07/25/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/3970/all-info | 07/26/2019 |
| BillText | https://www.congress.gov/116/bills/hr3970/BILLS-116hr3970ih.pdf | 08/08/2019 |
| Bill | https://www.congress.gov/116/bills/hr3970/BILLS-116hr3970ih.pdf.pdf | 08/08/2019 |
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