Governor Cuomo signed the Iran Divestment Act today. The new law, which was passed by the State Legislature Tuesday, will bar businesses from signing or renewing state or local government contracts if they provide goods, services or credit worth $20 million or more to Iran’s energy sector. It was backed by Senate Majority Leader Dean Skelos and Assembly Speaker Sheldon Silver.
“This new law ensures that companies that invest in Iran’s energy sector do not do business with the State of New York,” Governor Cuomo said in a statement announcing the law’s passage. “I thank Majority Leader Skelos and Speaker Silver for their leadership and hard work on this important law.”
The New York State Legislature returned to work yesterday and passed its first agreement of the 2012 session–the Iran Divestment Act. Modeled after similar legislation in California, the Iran Divestment Act will prohibit companies from signing or renewing state or local government contracts if they provide good, services or credit worth $20 million or more to Iran’s energy sector. The bill was introduced by Senate Majority Leader Dean Skelos.
“When I introduced this bill last fall, I said the Senate would take it up very early in the 2012 session and we are keeping that commitment,” Senator Skelos said in a statement after the bill was passed.