The U.S. Supreme Court overturned decades-old law this morning that restricted corporate giving by ruling that corporations shouldn’t be constricted by money limits in what they can give to political campaigns, the New York Times reports.

Here’s an excerpt from the story and here’s the ruling:

The Supreme Court threw out a 63-year-old law designed to restrain the influence of big business and unions on elections Thursday, ruling that corporations may spend as freely as they like to support or oppose candidates for president and Congress. The decision could drastically alter who gives and gets hundreds of millions of dollars in this year’s crucial midterm elections.

This ruling doesn’t affect the newly codified campaign contribution limits that the New Mexico Legislature passed last year. Those limits take effect after this year’s 2010 race.

But it will be interesting to see how this ruling from the nation’s top court affects the mood of New Mexico state lawmakers. New Mexico was one of a handful of states without campaign contribution limits until last year’s legislation passed.

Will state lawmakers view today’s ruling as a reason to stop considering additional campaign finance legislation regarding contribution limits despite the state’s series of scandals? Will the ruling lead to a cry among some to repeal state contribution limits on corporations and unions?

Stay tuned.