Florida law expanding sanctions on Iran takes effect January
Key Points(5)
- A Florida law passed in November to expand restrictions on state investments in businesses with ties to Iran will take effect next month.
- The bill was part of five laws approved during the 2023 regular legislative and special sessions.
- Lamar Taylor, interim executive director and chief investment officer of the State Board of Administration, which oversees state investments, said last week that "we are on track to be able to implement that legislation by the effective date." The law (HB 5C), starting Jan.
- 10, will expand a list of "scrutinized" companies where state investments can't be made because of ties to Iran.
- Under the expansion, companies will be added to the list if more than 10 percent of total revenues or assets are linked to Iran and involve economic sectors such as energy, manufacturing, or shipping.
A Florida law passed in November to expand restrictions on state investments in businesses with ties to Iran will take effect next month.
The bill was part of five laws approved during the 2023 regular legislative and special sessions.
Lamar Taylor, interim executive director and chief investment officer of the State Board of Administration, which oversees state investments, said last week that "we are on track to be able to implement that legislation by the effective date."
The law (HB 5C), starting Jan. 10, will expand a list of "scrutinized" companies where state investments can't be made because of ties to Iran.
Under the expansion, companies will be added to the list if more than 10 percent of total revenues or assets are linked to Iran and involve economic sectors such as energy, manufacturing, or shipping. Companies can avoid being added to the list by demonstrating "substantial action" to correct the issues flagged by the state.
The bill stems from the Oct. 7 attack on Israel by Hamas, a Palestinian militant group backed by Iran.
Bill sponsor John Snyder said lawmakers would be sending a "clear message that Florida will not be in the business of funding terrorism."
The federal government has also imposed a wide range of economic sanctions against Iran in the decades since hostages were taken at the U.S. embassy in Tehran in 1979.
Other changes to Florida laws
Come next month, changes to other state laws will also come into effect.
Among these are new campsite reservation rules, an end of a program that provides credits to frequent toll-road users, and an expansion of the "move over" law, which requires drivers to get out of lanes closest to stopped vehicles such as police cars, ambulances, and utility trucks.
Read more: Florida’s ‘move over’ traffic law and several others take effect in 2024
