Bill > HR324

This bill, the "Stop Subsidizing Multimillion Dollar Corporate Bonuses Act," aims to expand the denial of deduction for certain excessive employee remuneration under the Internal Revenue Code. Key provisions include: 1) expanding the definition of "covered individual" to include any individual who performs services for the taxpayer, as well as former principal executive officers, principal financial officers, and the three highest compensated officers; 2) modifying the definition of a "publicly held corporation" to include companies that were required to file reports under the Securities Exchange Act of 1934 at any time during the 3-taxable year period; and 3) granting the Secretary of the Treasury the authority to issue regulations to prevent avoidance of the purposes of this section, such as through the use of pass-through or other entities. These changes are intended to limit the tax deductibility of excessively high corporate bonuses.