Stop Subsidizing Multimillion Dollar Corporate Bonuses Act

This bill amends the tax code to limit corporate deductions for certain high executive compensation. It broadens the definition of "covered individual" to include executives who performed services for a company after 2022, not just current top officers, and requires publicly traded companies to file specific reports about executive pay. Companies can no longer deduct compensation paid to these individuals if it exceeds $1 million in a year, unless it's performance-based. The changes apply to tax years starting after December 31, 2022, and give the IRS authority to prevent companies from avoiding these rules through third-party arrangements. The bill directly affects publicly traded corporations that pay significant bonuses to executives.