Bill > S2268

This bill, the Stop Subsidizing Multimillion Dollar Corporate Bonuses Act, aims to amend the Internal Revenue Code to expand the $1 million limit on the deductibility of executive compensation to all employees of publicly traded corporations. Specifically, the bill extends the limitation to all "covered individuals," which includes any individual who performs services for the corporation, not just the CEO and top executives. The bill also modifies the definition of a "publicly held corporation" to include any company required to file reports under the Securities Exchange Act, regardless of whether it has publicly traded stock. Additionally, the bill grants the Secretary of the Treasury regulatory authority to address reporting and prevent avoidance of the provisions through compensation structures involving pass-through or other entities.