Bill > A4632

Introduced Session

This bill amends the definition of persons engaging in investment activities in Iran to include persons providing goods or services, or financial institutions extending credit to persons for the provision of goods or services, in the amount of $10 million or more in the energy sector of Iran. Current law defines such persons as those providing $20 million or more of goods or services or credit for goods or services in the energy sector in Iran. The bill amends a law that prohibits public contracts by a State agency, local contracting unit, board of education, or county college with persons or entities engaged in certain investment activities in the energy and financial sectors of Iran. The purpose of the law is to support the federal sanctions policy of the United States to deny Iran the ability to support acts of international terrorism or to fund the development and acquisition of weapons of mass destruction through its energy sector. Iran supports acts of international terrorism and military conflict through funds and technology connected to its energy sector. Iran-supported groups are attacking commercial ships and United States Navy vessels in the Red Sea and the Gulf of Aden. Iran is supplying weapons to Russia for its war against Ukraine according to the United States Department of State. The United States Treasury Secretary has stated that Iran's attacks on United States allies in the Middle East and its financing of military organizations threaten to destabilize the region and could have broader economic consequences. Other states have recently expanded restrictions on companies that do business with Iran. United Against Nuclear Iran, a United States based nonprofit formed to combat the threats posed by the Islamic Republic of Iran, has stated that $10 million is an appropriate threshold for restricting persons engaged in investment activities in Iran's energy sector from securing State or local government contracts.

AI Summary

Committee Categories

Michael Inganamort (R)*,  Dawn Fantasia (R),  Gerry Scharfenberger (R), 

Introduced, Referred to Assembly State and Local Government Committee (on 06/25/2024)

Official Document