This bill amends the existing law regarding investment activities in Iran by lowering the threshold for defining persons engaging 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 entities that may contribute to Iran's ability to support international terrorism or develop weapons of mass destruction through its energy sector.

The legislation is designed to align with federal sanctions against Iran and to prevent state agencies, local contracting units, and educational institutions from entering into contracts with those who meet the new investment threshold. The bill reflects growing concerns about Iran's activities, including its support for terrorism and military conflicts, and aims to enhance the state's ability to restrict contracts with entities that could potentially fund such actions. The State Treasurer is also given the authority to adjust the threshold further if necessary, in accordance with federal guidelines.

Statutes affected:
Introduced: 52:32-56