H.R. 3970 · 113th Congress

Stop Subsidizing Multimillion Dollar Corporate Bonuses Act

Stage
In committee
Introduced
2014-01-29
Latest action
2014-01-29 · Referred to the House Committee on Ways and Means.

Summary

Stop Subsidizing Multimillion Dollar Corporate Bonuses Act - Amends the Internal Revenue Code, with respect to the $1 million limitation on the deductibility of employee compensation, to: (1) extend such limitation to any individual who is a current or former officer, director, or employee of a publicly-held corporation; (2) eliminate the exemption from such limitation for compensation payable on a commission basis or upon the attainment of a performance goal; and (3) make such limitation applicable to all publicly-held corporations that are required by the Securities and Exchange Commission (SEC) to register securities and provide periodic reports to their investors.