Stop Subsidizing Multimillion Dollar Corporate Bonuses Act

Hozzl · 2024-03-14T04:05:43Z

Explore the details of House Bill 324 Stop Subsidizing Multimillion Dollar Corporate Bonuses Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

3/14/2024, 4:05 AM

Summary of Bill HR 324

Bill 118 hr 324, also known as the Stop Subsidizing Multimillion Dollar Corporate Bonuses Act, aims to address the issue of corporations using taxpayer subsidies to fund excessive executive bonuses. The bill was introduced in the US Congress with the goal of preventing companies from using government assistance, such as tax breaks or grants, to reward their top executives with exorbitant bonuses.

The legislation seeks to promote accountability and transparency in corporate governance by prohibiting companies that receive federal subsidies from using that money to pay bonuses exceeding $1 million to any individual executive. This measure is intended to ensure that taxpayer funds are not being misused to enrich corporate executives at the expense of the public.

Additionally, the bill includes provisions for increased reporting requirements for companies that receive federal subsidies, requiring them to disclose any bonuses paid to executives and the source of funding for those bonuses. This information will be made publicly available to promote greater transparency and oversight of corporate practices. Overall, the Stop Subsidizing Multimillion Dollar Corporate Bonuses Act aims to protect taxpayer dollars and promote fair and responsible corporate behavior by limiting the use of government assistance for excessive executive compensation. The bill is currently under consideration in Congress and has garnered bipartisan support for its efforts to address this important issue.

Congressional Summary of HR 324

Stop Subsidizing Multimillion Dollar Corporate Bonuses Act

This bill extends the $1 million limit on the deductibility of executive compensation to all employees of publicly traded corporations.

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Current Status of Bill HR 324

Bill HR 324 is currently in the status of Bill Introduced since January 12, 2023. Bill HR 324 was introduced during Congress 118 and was introduced to the House on January 12, 2023. Bill HR 324's most recent activity was Referred to the House Committee on Ways and Means. as of January 12, 2023

Bipartisan Support of Bill HR 324

Total Number of Sponsors

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Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 324

Primary Policy Focus

Taxation

Potential Impact Areas

Administrative law and regulatory proceduresBusiness expensesCorporate finance and managementDepartment of the TreasuryIncome tax deductionsWages and earnings

Alternate Title(s) of Bill HR 324

Stop Subsidizing Multimillion Dollar Corporate Bonuses ActStop Subsidizing Multimillion Dollar Corporate Bonuses ActTo amend the Internal Revenue Code of 1986 to expand the denial of deduction for certain excessive employee remuneration, and for other purposes.

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