Iran Counter-Proliferation Act of 2007

Bill: 110-s-970
Sponsor: Sen. Smith, Gordon H. [R-OR]
Introduced: 2007-03-22 in the Senate
Policy area: International Affairs
Subjects: Affiliated corporations
Alien property
American investments
Armed Forces and National Security
Arms sales
Ballistic missiles
Civil service retirement
Commerce
Congress
Congress and foreign policy
Congressional oversight
Congressional reporting requirements
Conventional weapons
Corporate reorganizations
Crime and Law Enforcement
Cultural relations
Department of the Treasury
Depreciation and amortization
Development credit institutions
Diplomats
Economics and Public Finance
Education
Educational exchanges
Energy
Exchange of persons programs
Export controls
Export finance
Foreign Trade and International Finance
Foreign corporations
Foreign investments
Foreign loans
Free trade
Gas industry
Geology
Geophysical prediction
Government Operations and Politics
Government procurement
Government trust funds
Guided missiles
Higher education
Import restrictions
Income tax
International agencies
International banking
International broadcasting
International control of nuclear power
Investments
Iran
Labor and Employment
Middle East and North Africa
Nuclear energy
Nuclear energy research
Nuclear exports
Nuclear fuels
Nuclear nonproliferation
Oil well drilling
Pension funds
Petroleum industry
President and foreign policy
Radio broadcasting
Reactor fuel reprocessing
Russia
Sanctions (International law)
Science, Technology, Communications
State-sponsored terrorism
Subsidiary corporations
Tax deductions
Tax-deferred compensation plans
Taxation
Terrorism
Uranium
Uranium enrichment
Weapons of mass destruction

Summary:
action_date: 2007-03-22
text: 
Iran Counter-Proliferation Act of 2007 - Amends the Iran Sanctions Act of 1996 to expand the definitions of "petroleum resources" and "person.&quot;
 
Expresses the sense of Congress concerning certain sanctions against Iran.
 
Subjects Russia to specified nuclear energy cooperation prohibitions unless the President certifies to Congress that: (1) Russia has suspended all nuclear assistance and transfers of advanced conventional weapons and missiles to Iran; or (2) Iran has verifiably dismantled all nuclear enrichment-related and reprocessing-related programs. 

Subjects Iran to specified economic sanctions unless the President certifies to Congress that Iran has verifiably dismantled all nuclear enrichment-related and reprocessing-related programs.

Subjects, with respect to prohibited transactions with Iran, a parent company to penalties for violations committed by certain subsidiaries outside the United States that would be subject to prohibitions if committed inside the United States or by a U.S. person. 

Amends the Internal Revenue Code to eliminate specified geological and geophysical expense amortization benefits if petroleum-related sanctions are imposed under the Iran Sanctions Act of 1996 on any member of an expanded affiliated group whose common parent is a foreign corporation. Revises the definition of "affiliated group." 
 
Directs the President to reduce annual U.S. contributions to the International Bank for Reconstruction and Development (World Bank) based upon Bank amounts provided to entities and projects in Iran. 
 
Authorizes appropriations for the Department of the Treasury's Office of Terrorism and Financial Intelligence.

Requires the Director of National Intelligence to submit to Congress an updated National Intelligence Estimate on Iran.

Authorizes the President to: (1) carry out exchange programs with the people of Iran; and (2) make voluntary grant-based contributions to the International Atomic Energy Agency (IAEA) for the establishment of an international nuclear fuel bank to maintain a reserve of low-enriched uranium in case of a disruption in the supply of reactor fuel by normal market mechanisms.

Sets forth specified Iran investment-related reporting requirements.


Legislative actions:
action_date: 2008-04-08
text: Committee on Finance. Hearings held. Hearings printed: S.Hrg. 110-1029.
action_date: 2007-03-22
text: Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3617-3620)
action_date: 2007-03-22
text: Sponsor introductory remarks on measure. (CR S3616-3617)
action_date: 2007-03-22
text: Introduced in Senate