propriate congressional committees a report on waiv-
ers granted under paragraph (1). 
(d) IMPLEMENTATION THROUGH THE FEDERAL AC-
QUISITION REGULATION.—Not later than 120 days after 
the date of the enactment of this Act, the Federal Acquisi-
tion Regulation issued pursuant to section 25 of the Office 
of Federal Procurement Policy Act (41 U.S.C. 421) shall 
be revised to provide for the implementation of the re-
quirements of this section. 
(e) REPORT.—Not later than one year after the date 
the Federal Acquisition Regulation is revised pursuant to 
subsection (e) to implement the requirements of this sec-
tion, the Administrator of General Services, with the as-
sistance of other executive agencies, shall submit to the 
Office of Management and Budget and the appropriate 
congressional committees a report on the actions taken 
under this section. 
SEC. 5. AUTHORITY OF STATE AND LOCAL GOVERNMENTS 
TO PROHIBIT CONTRACTS. 
Notwithstanding any other provision of law, a State 
or local government may adopt and enforce measures to 
prohibit the State or local government, as the case may 
be, from entering into or renewing a contract for the pro-
curement of goods or services with persons that are in-
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cluded pursuant to section 4(b)(4) on the most recently 
published list referred to in that section. 
SEC. 6. SUNSET. 
This Act shall terminate 30 days after the date on 
which— 
(1) the President has certified to Congress that 
the Government of Iran has ceased providing sup-
port for acts of international terrorism and no 
longer satisfies the requirements for designation as 
a state-sponsor of terrorism for purposes of section 
6(j) of the Export Administration Act of 1979, sec-
tion 620A of the Foreign Assistance Act of 1961, 
section 40 of the Arms Export Control Act, or any 
other provision of law; and 
(2) Iran has permanently ceased the pursuit, 
acquisition, and development of nuclear, biological, 
and chemical weapons and missiles. 
SEC. 7. DEFINITIONS. 
In this Act: 
(1) COMPANY.—The term ‘‘company’’ means— 
(A) a sole proprietorship, organization, as-
sociation, corporation, partnership, limited li-
ability company, venture, or other entity, its 
subsidiary or affiliate; and 
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(B) includes a company owned or con-
trolled, either directly or indirectly, by the gov-
ernment of a foreign country, that is estab-
lished or organized under the laws of, or has its 
principal place of business in, such foreign 
country and includes United States subsidiaries 
of the same. 
(2) AFFILIATE.—The term ‘‘affiliate’’ means 
any individual or entity that directly or indirectly 
controls, is controlled by, or is under common con-
trol with, the company, including without limitation 
direct and indirect subsidiaries of the company. 
(3) ENTITY.—The term ‘‘entity’’ means a sole 
proprietorship, a partnership, limited liability cor-
poration, association, trust, joint venture, corpora-
tion, or other organization. 
(4) FEDERAL
FUNDS.—The term ‘‘Federal 
funds’’ means a sum of money or other resources de-
rived from United States taxpayers, which the 
United States Government may provide to compa-
nies through government grants or loans, or through 
the terms of a contract with the Federal Govern-
ment, or through the Emergency Economic Sta-
bilization Act of 2008 ‘‘Troubled Asset Relief Pro-
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gram’’ or other similar and related transaction vehi-
cles. 
(5) BUSINESS
OPERATIONS.—Business oper-
ations described in this Act are business operations 
that— 
(A) provide Iran with refined petroleum re-
sources; 
(B) sell, lease, or provide to Iran any 
goods, services, or technology that would allow 
Iran to maintain or expand its domestic produc-
tion of refined petroleum resources, including 
any assistance in refinery construction, mod-
ernization, or repair; 
(C) engage in any activity that could con-
tribute to the enhancement of Iran’s ability to 
import refined petroleum resources, including 
providing ships or shipping services to deliver 
refined petroleum resources to Iran, under-
writing or otherwise providing insurance or re-
insurance for such activity, or financing or 
brokering such activity; 
(D) invest $20,000,000 or more (or any 
combination 
of 
investments 
of 
at 
least 
$5,000,000 each, which in the aggregate equals 
or exceeds $20,000,000 in any 12-month pe-
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riod), that directly and significantly contributes 
to the enhancement of Iran’s ability to develop 
petroleum resources of Iran; and 
(E) provides sensitive technology to the 
Government of Iran. 
(6) GOVERNMENT OF IRAN.—The term ‘‘Gov-
ernment of Iran’’ includes the Government of Iran, 
any political subdivision, agency, or instrumentality 
thereof, and any person owned or controlled by, or 
acting for or on behalf of, the Government of Iran. 
(7) PETROLEUM RESOURCES.— 
(A) IN GENERAL.—The term ‘‘petroleum 
resources’’ includes petroleum, petroleum by- 
products, oil or liquefied natural gas, oil or liq-
uefied natural gas tankers, and products used 
to construct or maintain pipelines used to 
transport oil or compressed or liquefied natural 
gas. 
(B) 
PETROLEUM
BY-PRODUCTS.—The 
term ‘‘petroleum by-products’’ means gasoline, 
kerosene, distillates, propane or butane gas, die-
sel fuel, residual fuel oil, and other goods classi-
fied in headings 2709 and 2710 of the Har-
monized Tariff Schedule of the United States. 
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