3.0.0 1843 2023-01-11T13:38:34Z 2023-01-11T13:38:34Z Senate S 2017-09-19 115 ssfi00 Finance Committee Senate Standing Referred to 2017-09-19T21:38:47Z 2017-09-19 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-09-19 Introduced in Senate IntroReferral 10000 9 Library of Congress G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. N D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2017-09-19 True Taxation Business expenses Business records Corporate finance and management Employee benefits and pensions Income tax deductions Securities Wages and earnings Taxation 00 2017-09-19 Introduced in Senate 2018-03-30T18:26:50Z Stop CEO Excessive Pay Act

The bill amends the Internal Revenue Code, with respect to the deduction for trade or business expenses, to prohibit a deduction for excessive compensation for any employee of the taxpayer.

"Excessive compensation" is the amount by which the compensation for services performed by an employee during the year exceeds the lesser of: (1) the median of the compensation paid for services performed by all employees of the taxpayer during the taxable year, multiplied by 25; or (2) $1 million.

The bill amends the Securities Exchange Act of 1934 to: (1) prohibit an issuer from paying excessive compensation to an employee unless the compensation is approved by at least 50% of the shareholders, and (2) impose monetary penalties on issuers that violate the requirement. The bill also prohibits tax deductions for penalties paid to the Securities and Exchange Commission pursuant to this bill.

]]> Stop CEO Excessive Pay Act Display Title Stop CEO Excessive Pay Act Short Titles as Introduced Stop CEO Excessive Pay Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to deny a deduction for excessive compensation of any employee of an employer, and for other purposes. Introduced in Senate 2017-09-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1843is/xml/BILLS-115s1843is.xml 2017-09-19 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.