In January 2010 – as almost everyone already knows by now – the Supreme Court struck down major portions of campaign finance laws, allowing corporations to make independent expenditures in support of, or opposition to, candidates for federal office. Super PACs that could accept unlimited individual and corporate contributions soon followed based on lower court decisions.
Interestingly, the FEC never changed its rules to implement the Court's decision. Pick up the Code of Federal Regulations from 2011, 2012, 2013, or 2014 and you will find very clear statements that corporations may not make independent expenditures or electioneering communications.
At long last, in October of last year, the FEC got around to making some changes to its regulations to account for Citizens United. They became effective on January 27, 2015, but the FEC just released the notice setting the effective date. You can now read in the regulations something that has been true for five years: "A corporation or labor organization may make independent expenditures or electioneering communications."
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