ALBANY - Governor Andrew Cuomo signed legislation to extend the Iran Divestment Act, ensuring that companies that invest in Iran's energy sector are excluded from entering into contracts with any state or local public authority, as well as the State University of New York and the City University of New York.

"This new law continues our state's work to ensure companies that choose to support Iran's energy sector are not given the opportunity to do business with taxpayer money here in New York," Governor Cuomo said. "I commend the leadership and hard work of Majority Leader Skelos and Speaker Silver in their efforts to dissuade the government of Iran from developing nuclear weapons."

In January 2012, Governor Cuomo signed the Iran Divestment Act which prohibited companies that invest in the Iranian energy sector from receiving state or local government contracts. The law requires the Office of General Services to develop a list of entities involved in such investments and inform these companies that they will be unable to bid on government contracts as long as they support Iran's energy sector. The law also requires companies to certify that they do not hold such investments when applying for government contracts, and allows affected businesses to appeal.

The Iran Divestment Act as passed only applied to state and local agencies. The law signed by the Governor extends the Act's provisions to all state and local public authorities, SUNY, and CUNY. The law takes effect immediately.