,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #bbfh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #be1 #bjai,mr4   
,re$ 7= himself1 ,mr4 ,blum5?al1 ,mr4   
,:iteh\se1 ,mr4 ,m]kley1 ,ms4 ,baldw91  
,ms4 ,w>r51 ,mr4 ,van ,holl51 & ,mr4    
,br[n7 introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to exp& ! d5ial ( 
d$uction = c]ta9 excessive remun]ation1 
& = o!r purposes4  #a4 ,%ort title ,?is 
,act may be cit$ z ! ,/op ,subsidiz+    
,multimillion ,doll> ,corporate ,bonuses
 ,act4  #b4 ,expansion ( d5ial (        
d$uction = c]ta9 excessive remun]ation  
7a7 ,9 g5]al  7#a7 ,expansion ,section  
#afb7m7 ( ! ,int]nal ,rev5ue ,code (    
#aihf is am5d$-- 7,a7 by /rik+          
applicable employee remun]ation ea*     
place x appe>s 9 p>agraphs 7#a71 7#d71 &
 7#e77;,e7 & ins]t+ applicable          
remun]ation2  7,b7 by /rik+ cov]$       
employee ea* place x appe>s 9 p>agraphs 
7#a7 & 7#d7 & ins]t+ cov]$ individual2 &

  7,c7 by /rik+ employee ea* place x    
appe>s 9 p>agraph 7#a7 & subp>agraphs   
7,a71 7,c77ii71 & 7,e7 ( p>agraph 7#d7 &
 ins]t+ individual4  7#b7 ,cov]$        
individual ,p>agraph 7#c7 ( section     
#afb7m7 ( su* ,code is am5d$ to read z  
foll[s3  7#c7 ,cov]$ individual ,=      
purposes ( ?is subsection1 ! t]m cov]$  
individual means--  7,a7 any individual 
:o p]=ms s]vices 7directly or           
indirectly7 = ! taxpay] 7or any         
pr$ecessor7 = any taxable ye> beg9n+    
aft] ,decemb] #ca1 #bjai1 or  7,b7 any  
employee-- 7i7 :o 0 ! pr9cipal executive
 (fic] or pr9cipal f9ancial (fic] ( !   
taxpay] 7or any pr$ecessor7 at any "t   
dur+ any prec$+ taxable ye> beg9n+ aft] 
,decemb] #ca1 #bjaf1 & be=e ,janu>y #a1 
#bjbj1 or :o 0 an individual act+ 9 su* 
a capacity1 or  7ii7 ! total comp5sation
 ( :om = any taxable ye> describ$ 9     
clause 7i7 0 requir$ to be report$ to   
%>ehold]s "u ! ,securities ,ex*ange ,act
 ( #aicd by reason ( su* individual be+ 
among ! #c highe/ comp5sat$ (fic]s = !  

taxable ye> 7o!r ?an any individual     
describ$ 9 clause 7i774  ,su* t]m %all  
include any employee :o w\ld be describ$
 9 subp>agraph 7,b77ii7 if ! report+    
describ$ 9 su* subp>agraph 7 requir$ z s
 describ$4  4  7#c7 ,con=m+ am5dm5ts    
7,a7 ,! head+ = section #afb7m7 ( !     
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ employee4  7,b7 ,! head+ =     
section #afb7m77#d7 is am5d$ by /rik+   
employee4  7b7 ,modification ( def9ition
 ( publicly held corporation ,section   
#afb7m77#b7 ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$-- 7#a7 by ins]t+ 1 )    
respect to any taxable ye>1 aft] means2 
&  7#b7 by /rik+ subp>agraph 7,b7 &     
ins]t+ ! foll[+3  7,b7 t 0 requir$ to   
file reports "u section #ae7;d7 ( su*   
,act 7#ae ,u4,s4,c4 #gho7d77 at any "t  
dur+ ! #c-taxable ye> p]iod end+ ) su*  
taxable ye>4  4  7c7 ,regulatory        
au?ority  7#a7 ,9 g5]al ,section #afb7m7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#g7 ,regulations ,!         

,secret>y may prescribe su* guidance1   
rules1 or regulations z are necess>y to 
c>ry out ! purposes ( ?is subsection1   
includ+ regulations--  7,a7 ) respect to
 report+1 &  7,b7 to prev5t avoidance ( 
! purposes ( ?is section by provid+     
comp5sation ?r\gh a pass-?r\gh or o!r   
entity4  4  7#b7 ,con=m+ am5dm5t        
,p>agraph 7#f7 ( section #afb7m7 ( su*  
,code is am5d$ by /rik+ subp>agraph     
7,h74  7d7 ,effective date ,! am5dm5ts  
made by ?is section %all apply to       
taxable ye>s beg9n+ aft] ,decemb] #ca1  
#bjai4