Bill > HR697

This bill, titled the "Stop Subsidizing Multimillion Dollar Corporate Bonuses Act," aims to amend the Internal Revenue Code to expand the denial of deduction for certain excessive employee remuneration, which includes bonuses and other compensation. The key provisions of the bill include: 1. Expanding the definition of "covered individual" to include any individual who performs services for the taxpayer, as well as any employee who was a principal executive or financial officer or among the three highest compensated officers in any preceding taxable year beginning after December 31, 2016. 2. Modifying the definition of "publicly held corporation" to include any corporation that was required to file reports under the Securities Exchange Act of 1934 at any time during the three-taxable year period ending with the current taxable year. 3. Granting the Secretary of the Treasury the authority to prescribe guidance, rules, or regulations necessary to carry out the purposes of the section, including regulations related to reporting and preventing avoidance of the section through the use of pass-through or other entities. 4. The amendments made by the bill apply to taxable years beginning after December 31, 2020.