Summary: H.R.1208 — 111th Congress (2009-2010)All Information (Except Text)

There is one summary for H.R.1208. Bill summaries are authored by CRS.

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Introduced in House (02/26/2009)

Iran Threat Reduction Act of 2009 - Amends the Iran Freedom Support Act to maintain specified U.S. sanctions with respect to Iran until the President certifies to the appropriate congressional committees that Iran has verifiably dismantled its weapons of mass destruction programs and ceased its support for international terrorism.

Amends the Iran Sanctions Act of 1996 to: (1) include transshipment among sanctionable activities; and (2) exclude from the United States an alien who is a senior government official of a foreign government or a corporate principal or significant shareholder of a foreign person involved in proliferation activities relating to Iran.

Expands: (1) the scope of sanctionable "persons" to include any business organization and any foreign subsidiary or affiliate; and (2) the definition of "petroleum resources" to include petroleum byproducts, oil or liquefied natural gas or liquefied natural gas tankers, and products used to construct or maintain pipelines used to transport oil or compressed or liquefied natural gas.

Prohibits, with a discretionary waiver, U.S. importation of Iranian products other than information materials.

Subjects an entity to penalties for violations of certain sanctions committed by a subsidiary established by such entity outside of the United States that would be subject to prohibitions if committed inside the United States or by a U.S. person.

Authorizes the President to impose sanctions on principal executive officers of sanctioned persons.

Amends the Iran, North Korea, and Syria Nonproliferation Act to include within the scope of such Act persons involved in the transshipment of certain goods, services, or technology.

Prohibits service module payments to the Russian Aviation and Space Agency.

Sets forth provisions regarding divestment from Iran's energy sector.

Amends the Internal Revenue Code to: (1) deny a foreign tax credit to a taxpayer engaged in business activity with Iran that is prohibited by U.S. law; and (2) set forth income tax provisions respecting a foreign corporation engaged in business activity with Iran that is prohibited by U.S. law.

Establishes the Compensation for Former United States Hostages in Iran Fund. Identifies claims to be paid.

Establishes restrictions on nuclear cooperation with a country that is assisting the nuclear program of, or transferring advanced conventional weapons or missiles to, Iran.