Income Equity Act of 2015

“(i) Excessive compensation

“(1) In general—No deduction shall be allowed under this chapter for any excessive compensation with respect to any full-time employee.

“(2) Excessive compensation—For purposes of this subsection, the term excessive compensation means, with respect to any employee, the amount by which—

“(A) the compensation for services performed by such employee during the taxable year, exceeds

“(B) the greater of—

“(i) an amount equal to 25 times the median compensation paid by the employer for services performed by full-time employees during such taxable year, or

“(ii) $500,000.

“(3) Definitions and special rules—For purposes of this subsection—

“(A) Compensation

“(i) In general—The term compensation includes wages, salary, deferred compensation, retirement contributions, options, bonuses, property, and any other form of compensation or bonus that the Secretary determines is appropriate.

“(ii) Part-year employees—In the case of any part-year employee, the compensation of the employee shall be computed on an annualized basis.

“(B) Employer—All persons treated as a single employer under subsection (a) or (b) of section 52 or subsection (m) or (o) of section 414 shall be treated as 1 employer.

“(4) Reporting—Each employer who provides compensation in any taxable year to any employee in an amount which is more than the amount described in paragraph (2)(B)(i) with respect to the employer for the taxable year, shall file a report with the Secretary containing—

“(A) the amount described in paragraph (2)(B)(i) with respect to the employer for the taxable year,

“(B) the average pay of all non-managerial employees,

“(C) the average pay of all executive staff, and

“(D) the compensation of the top 5 employees of the company.”