Rather, the Hawaiian law is based on the fact that in the United States, corporations are created and given their powers by the charters of the individual states. Indeed, corporations simply are a legal creation of the state, everywhere they exist, by definition. The new law simply states that corporations doing business in Hawaii do not have the power to engage in local, state, or federal political campaigns, that that was not one of the powers enumerated in the state’s corporate charter. It further specifies a range of penalties—including losing the right to conduct any business in the state at all—if they do.

https://prospect.org/2026/05/18/hawaii-state-legislature-citizens-united-corporations-politics/