US HB4799

Prohibits for-profit corporations from establishing or operating separate segregated funds (PACs) for political purposes, limiting this authority exclusively to nonprofit 501(c) organizations

Removes stockholders and their families from the list of individuals who may be solicited for PAC contributions, allowing solicitations only from executive and administrative personnel

Extends the same nonprofit-only restriction to government contractors seeking to establish political committees

Requires existing corporate PACs that do not qualify as nonprofit organizations to terminate and disburse their entire balance within 1 year of enactment

Takes effect immediately upon enactment, with the 1-year transition period applying only to non-qualifying existing funds