H.B. 1251 Summary

• Requires domestic and foreign corporations authorized to do business in Hawaii that make more than $10,000 in independent expenditures and contributions annually to disclose this information to shareholders in an annual report.

• Reports must include separate aggregate totals for independent expenditures, contributions to noncandidate committees, and contributions to candidate committees, with identification of any specific monetary or nonmonetary benefits accruing to the corporation.

• Corporations may satisfy reporting requirements by delivering other reports that disclose the required information in more detail, such as reports already filed with the campaign spending commission.

• Defines "contribution" and "independent expenditure" by reference to section 11-302 of the Hawaii Revised Statutes.

• Effective upon approval, with reports delivered to shareholders at the same time as the corporation's annual report pursuant to section 414-472.