Iran Sanctions Act of 2008

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Iran Sanctions Act of 2008 - (Sec. 3) Expresses the sense of Congress concerning a variety of existing and proposed sanctions against Iran.

(Sec. 4) States that nothing in this Act shall be construed as authorizing the President to use military force against Iran.

(Sec. 5) Defines specified terms.

(Sec. 6) Amends the Iran Sanctions Act of 1996 to expand the definition of "person" to include: (1) a financial institution, insurer, underwriter, guarantor, or any other business organization, including any foreign subsidiary, parent, or affiliate of one of the foregoing; and (2) an export credit agency that is a governmental entity operating as a business enterprise.

(Sec. 7) Subjects Russia to specified nuclear energy cooperation prohibitions (affecting agreements, export licenses, and transfers of material, components, or facilities) 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.

(Sec. 8) Subjects Iran to the following economic sanctions: (1) import prohibitions into the United States; (2) export prohibitions from the United States, with exceptions for agricultural commodities, medicine and medical devices, humanitarian assistance articles, and information materials (with certain prohibited materials).

Prohibits the U.S. Trade Representative or any other federal official from taking any action that would extend trade preferences to, or lead to the World Trade Organization (WTO) accession of, Iran.

Directs the President to: (1) freeze the assets of Iranian diplomats and representatives of other Iranian government and military or quasi-governmental institutions who are subject to sanctions under the International Emergency Economic Powers Act or other provision of law; (2) freeze the assets of family members or associates of sanctioned Iranian persons who receive transfers of assets or property from such sanctioned persons; and (3) report the names of sanctioned persons to the appropriate congressional committees.

Prohibits the head of a U.S. executive agency from entering into a procurement contract with a person who is sanctioned under the Iran Sanctions Act of 1996.

(Sec. 9) 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 if the parent company knowingly participated in the transaction.

Imposes penalties only for violations that are commenced: (1) on or after the date of enactment of this Act; or (2) prior to enactment of this Act and continuing after such date.

Excepts U.S. parent companies from liability if the parent divests or terminates its business with the foreign subsidiary not later than 90 days after the date of enactment of this Act.

Defines specified terms.

(Sec. 10) Requires that the President initiate investigations to determine whether companies are investing in Iran's petroleum or natural gas sectors in violation of the Act.

Authorizes the President to extend such determination period.

(Sec. 11) Amends the Internal Revenue Code to require that specified geological and geophysical amortization benefits be taken over a longer time period if petroleum-related sanctions for investing in Iran are imposed on a taxpayer.

Revises the definition of "expanded affiliated group."

(Sec. 12) Directs the Secretary of the Treasury to report every 180 days to the appropriate congressional committees concerning International Bank for Reconstruction and Development (World Bank) loans to Iran.

(Sec. 13) Authorizes FY2009-FY2011 appropriations for the Department of the Treasury's: (1) Office of Terrorism and Financial Intelligence; and (2) Financial Crimes Enforcement Network.

(Sec. 14) Expresses the sense of Congress that the United States should seek to enhance its friendship with the people of Iran, particularly by identifying young Iranians to come to the United States under exchange programs.

Authorizes the President to carry out exchange programs with the people of Iran. Authorizes FY2009 appropriations.

Expresses the sense of Congress that the President should determine the appropriateness of making voluntary contributions to the International Atomic Energy Agency (IAEA) for an international nuclear fuel bank to maintain a reserve of low-enriched uranium for the production of reactor fuel to be provided to eligible countries in the case of a disruption in the supply of reactor fuel by normal market mechanisms.

(Sec. 15) Expresses the sense of Congress that the Broadcasting Board of Governors should devote a greater proportion of Radio Farda service to programs offering news and analysis to further the open communication of information and ideas to Iran.

(Sec. 16) States that is U.S. policy to support the establishment of an international regime for the assured supply of nuclear fuel for peaceful means under a multilateral authority such as the International Atomic Energy Agency (IAEA).

Expresses the sense of Congress respecting: (1) an international regime for the assured supply of nuclear fuel; and (2) contributions to IAEA to establish an international nuclear fuel bank.

Authorizes FY2009 appropriations.

(Sec. 17) Sets forth specified Iran investment-related reporting requirements by the President and the Secretary.

(Sec. 18) Authorizes the President to waive sanctions under sections 8, 9, or 12 of this Act if: (1) determined to be in the national interest; and (2) upon reporting to the appropriate congressional committees.

(Sec. 19) Provides that except as provided in section 7 the provisions of this Act shall terminate on the earlier of: (1) the date on which the President determines and certifies to the appropriate congressional committees that Iran has completely, verifiably, and irreversibly dismantled all uranium enrichment-related and reprocessing-related programs; or (2) the date that is five years after the date of enactment of this Act.