Stop Subsidizing Multimillion Dollar Corporate Bonuses Act

This bill amends the tax code to limit corporate tax deductions for certain executive compensation. It expands the definition of "covered individual" to include former top executives (like former CEOs or CFOs) who received high pay before 2021, as well as current executives whose compensation was reported to shareholders. The key change prevents companies from deducting excessive pay packages - such as multimillion-dollar bonuses - from taxable income for these covered individuals. The policy applies to publicly traded corporations and takes effect for tax years starting in 2025.