This bill amends the existing law regarding investment activities in Iran by lowering the threshold for defining persons or entities engaged in such activities from $20 million to $10 million. Specifically, it states that a person engages in investment activities in Iran if they provide goods or services, or if a financial institution extends credit of $10 million or more in the energy sector of Iran. This change aims to tighten restrictions on public contracts awarded by state agencies, local contracting units, boards of education, or county colleges to those involved in investment activities in Iran's energy sector, thereby aligning with federal sanctions policies.

The bill emphasizes the need for these restrictions in light of Iran's support for international terrorism and military conflicts, as well as its involvement in destabilizing activities in the Middle East. By reducing the financial threshold, the bill seeks to prevent entities that contribute to Iran's energy sector from obtaining state or local government contracts, thereby supporting broader efforts to limit Iran's capacity to fund terrorism and develop weapons of mass destruction. The State Treasurer is also given the authority to adjust these amounts if necessary under federal law.

Statutes affected:
Introduced: 52:32-56