Bill > S178

This bill aims to expand the denial of deduction for certain excessive employee remuneration under Section 162(m) of the Internal Revenue Code of 1986. Specifically, it broadens the definition of "covered individual" to include any individual who performs services for the taxpayer and any employee who was a principal executive or financial officer or among the 3 highest compensated officers in prior years. It also modifies the definition of "publicly held corporation" to include companies required to file reports under the Securities Exchange Act of 1934. The bill grants the Secretary regulatory authority to carry out the purposes of this provision and prevent avoidance of its intent. These changes would apply to taxable years beginning after December 31, 2020.