H.R. 1400, The Iran Counter-Proliferation Act of 2007

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H.R. 1400 would enhance United States diplomatic efforts with respect to Iran by imposing additional economic sanctions against Iran.

Detailed Summary

Iran Counter-Proliferation Act of 2007 - States that nothing in this Act shall be construed as authorizing the use of force or the use of the U.S. Armed Forces against Iran.

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.

Establishes specified additional import and export sanctions against Iran.

Amends the Iran Sanctions Act of 1996 to require the imposition of procurement sanctions as part of the sanctions against a person contributing to Iran's petroleum resources.

Directs the President to report every six months to the appropriate congressional committees (committees) respecting investment activity that could contribute to Iran's development of petroleum resources, and U.S. steps in response to such activity.

Expands the definitions of "petroleum resources" and "person."

Eliminates the national security waivers for imposition of sanctions.

Directs the President to determine and report to the committees whether the the Islamic Revolutionary Guards Corps should be: (1) designated as a foreign terrorist organization; (2) placed on the list of designated global terrorists; and (3) placed on the list of weapons of mass destruction proliferators and their supporters.

Authorizes appropriations for the Department of the Treasury's Office of Terrorism and Financial Intelligence.

Authorizes the President to carry out exchange programs with the people of Iran.

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.

Restricts nuclear cooperation with countries assisting Iran's nuclear program or transferring advanced conventional weapons or missiles to Iran.

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."

States that specified restrictions respecting Iran shall not have effect if the President determines and certifies to the committees that Iran: (1) has ended efforts to develop or acquire nuclear, chemical, or biological weapons, or ballistic missiles; (2) has been removed from the list of countries supporting international terrorism; and (3) poses no significant threat to U.S. national security, interests, or allies.

Status of the Legislation

Latest Major Action: 8/2/2007: House Committee on Judiciary Granted an extension for further consideration ending not later than Sept. 7, 2007.

Points in Favor

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Points Against

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