Substitute Senate Bill No. 461 aims to regulate political spending by corporations in Connecticut by prohibiting them from making political expenditures unless these are conducted through a political committee established by the corporation. Effective January 1, 2027, this bill introduces new legal language that emphasizes this restriction and outlines severe consequences for non-compliance, including potential administrative dissolution or revocation of the corporation's authority to conduct business in the state. The bill also modifies existing laws regarding corporate powers, specifically by clarifying that corporations cannot make political expenditures outside of their designated political committees.

In addition to regulating political spending, the bill updates the administrative dissolution process for corporations, allowing the Secretary of the State to notify corporations of their dissolution via electronic mail if they fail to comply with annual reporting or registered agent requirements. It establishes a timeline for corporations to rectify these issues before dissolution proceedings are initiated. The bill also introduces new criteria for revoking the authority of foreign corporations based on compliance with political expenditure laws. Overall, the bill seeks to enhance oversight of corporate political contributions while ensuring compliance with state regulations, with the potential for constitutional challenges related to political speech rights.

Statutes affected:
Raised Bill: 33-647, 33-890, 33-935, 33-1036, 33-1181, 33-1225
GAE Joint Favorable Substitute: 33-647, 33-890, 33-935, 33-1036, 33-1181, 33-1225
File No. 568: 33-647, 33-890, 33-935, 33-1036, 33-1181, 33-1225