Bill > S2515

This bill aims to limit the ability of for-profit corporations to establish and operate Political Action Committees (PACs), which are separate funds used for political purposes. Specifically, the bill would restrict PAC creation and operation to only nonprofit corporations, defined as organizations exempt from taxation under section 501(c) of the Internal Revenue Code. The legislation would prohibit for-profit corporations from soliciting political contributions from stockholders and would only allow nonprofit corporations to solicit contributions from their executive and administrative personnel. Additionally, the bill provides a one-year transition period for existing non-nonprofit PACs, requiring them to terminate and fully disburse their funds within 12 months of the act's enactment. This change would significantly alter campaign finance rules by limiting the political fundraising capabilities of for-profit corporations, potentially reducing their direct financial influence on political campaigns and aligning political spending more closely with nonprofit organizational missions.

Government Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2515/all-info