Bill > A5209

This bill revises the definition of persons engaging in investment activities in Iran by lowering the monetary threshold from $20 million to any amount greater than $0 for providing goods or services or extending credit in Iran's energy sector. The bill modifies existing state law to broaden the scope of entities considered to be investing in Iran, which includes activities like developing, exploring, refining, or selling petroleum, natural gas, or nuclear power. The purpose is to support federal sanctions against Iran by preventing state agencies, local contracting units, and educational institutions from doing business with entities that have any financial involvement in Iran's energy sector. The definition of "person or entity" is comprehensive, covering not just private businesses but also governmental entities, subsidiaries, and organizations. Key terms are defined precisely, such as "Iran" being interpreted as the government of Iran and including territories under its control. The bill aims to strengthen measures that prevent Iran from using its energy sector to support international terrorism or develop weapons of mass destruction. The changes will apply to contracts awarded or renewed 30 days after the bill's effective date.

Government Affairs

https://www.njleg.state.nj.us/bill-search/2024/A5209