Stop Subsidizing Multimillion Dollar Corporate Bonuses Act

This bill amends the tax code to deny corporations a tax deduction for certain executive bonuses exceeding $1 million. It directly affects large publicly traded companies that pay top executives (including those in the top 3 highest-paid officers) compensation reported under SEC rules. The key mechanism expands the definition of "covered individual" to include more executives and requires corporations to report compensation details to prevent tax avoidance through indirect payment methods. The change applies to taxable years starting after December 31, 2022, making such bonuses non-deductible for tax purposes.