Corporations and Associations - Limitations on Election and Ballot Issue Activities (Maryland Corporate Power Reset Act)

HB 1378 prohibits Maryland corporations, LLCs, partnerships, and other legally formed entities from spending money to support or oppose candidates, political parties, committees, or ballot initiatives. It defines "election activity" and "ballot issue activity" broadly to include direct spending on political campaigns or ballot measures, but excludes bona fide news reporting by independent media. The bill requires the State Department of Assessments and Taxation to create enforcement rules, including penalties like forfeiture of corporate charter privileges and requiring entities to return funds spent on prohibited activities. This law directly affects all domestic and foreign business entities operating under Maryland law, clarifying that their charters do not grant inherent political rights.