This Act may be cited as the “Closing IRGC Sanctions Loopholes Act”.

(a) In general.—Section 301(a) of the Iran Threat Reduction and Syria Human Rights Act of 2012 (22 U.S.C. 8741(a)) is amended—

(1) in the matter preceding paragraph (1), by striking “Not later than 90 days after the date of the enactment of this Act, and as appropriate thereafter,” and inserting “Not later than 180 days after the date of the enactment of the National Defense Authorization Act for Fiscal Year 2023, and every 180 days thereafter,”;

(2) in paragraph (1)—

(A) by inserting “, or owned or controlled by,” after “affiliates of”; and

(B) by striking “and” at the end;

(3) in paragraph (2), by striking the period at the end and inserting “; and”; and

(4) by adding at the end the following:

“(3) identify foreign persons with respect to which there is a reasonable basis to determine that the foreign persons have, directly or indirectly, attempted to conduct one or more sensitive transactions or activities described in subsection (c) for or on behalf of a foreign person described in paragraph (1).”.

(b) Priority for investigation; determination and report.—Section 301(b) of the Iran Threat Reduction and Syria Human Rights Act of 2012 (22 U.S.C. 8741(b)) is amended to read as follows:

“(b) Priority for investigation; determination and report.—

“(1) PRIORITY FOR INVESTIGATION.—In identifying foreign persons pursuant to subsection (a)(1) as officials, agents, or affiliates of Iran’s Revolutionary Guard Corps, the President shall investigate—

“(A) foreign persons or entities identified under section 560.304 of title 31, Code of Federal Regulations (relating to the definition of the Government of Iran);

“(B) foreign persons for which there is a reasonable basis to find that the person has conducted or attempted to conduct one or more sensitive transactions or activities described in subsection (c); and

“(C) foreign persons listed under the headings ‘Attachment 3’ or ‘Attachment 4’ in Annex A of United Nations Security Council Resolution 2231, adopted on July 20, 2015.”.

(c) Sensitive transactions and activities described.—Section 301(c) of the Iran Threat Reduction and Syria Human Rights Act of 2012 (22 U.S.C. 8741(c)) is amended—

(1) in paragraph (1)—

(A) by striking “$1,000,000” and inserting “$500,000”; and

(B) by inserting “Iranian financial institution or” after “involving a”;

(2) by redesignating paragraphs (3), (4), and (5) as paragraphs (6), (7), and (8), respectively; and

(3) by inserting after paragraph (2) the following new paragraphs:

“(3) a transaction to provide material support for an organization designated as a foreign terrorist organization under section 219(a) of the Immigration and Nationality Act (8 U.S.C. 1189(a)) or support for an act of international terrorism (as defined in section 14 of the Iran Sanctions Act of 1996 (Public Law 104–172; 50 U.S.C. 1701 note));

“(4) a transaction to provide material support to a foreign person whose property and access to property has been blocked pursuant to Executive Order 13224 (September 23, 2001; relating to blocking property and prohibiting transactions with persons who commit, threaten to commit, or support terrorism);

“(5) a transaction to provide material support for the Government of Syria or any agency or instrumentality thereof;”.

(d) Waiver of imposition of sanctions.—Section 301(e) of the Iran Threat Reduction and Syria Human Rights Act of 2012 (22 U.S.C. 8741(e)) is amended by adding at the end the following:

“(3) SUNSET.—The provisions of this subsection and any waivers issued pursuant to this subsection shall terminate at the close of December 31, 2025.”.

(e) Regulations, implementation, penalties, and definitions.—Section 301 of the Iran Threat Reduction and Syria Human Rights Act of 2012 (22 U.S.C. 8741) is amended—

(1) by redesignating subsection (f) as subsection (h); and

(2) by inserting after subsection (e) the following new subsections:

“(f) Penalties.—A person that violates, attempts to violate, conspires to violate, or causes a violation of subsection (a) or any regulation, license, or order issued to carry out subsection (a) shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act (50 U.S.C. 1705) to the same extent as a person that commits an unlawful act described in subsection (a) of that section.

“(g) Definitions.—In this section:

“(1) FOREIGN PERSON.—The term ‘foreign person’ means—

“(A) an individual who is not a United States person;

“(B) a corporation, partnership, or other nongovernmental entity which is not a United States person; or

“(C) any representative, agent or instrumentality of, or an individual working on behalf of a foreign government.

“(2) IRAN’S REVOLUTIONARY GUARD CORPS.—The term ‘Iran’s Revolutionary Guard Corps’ includes any senior foreign political figure (as defined in section 1010.605 of title 31, Code of Federal Regulations) of Iran’s Revolutionary Guard Corps.

“(3) OWN OR CONTROL.—The term ‘own or control’ means, with respect to an entity—

“(A) to hold more than 25 percent of the equity interest by vote or value in the entity;

“(B) to hold a majority of seats on the board of directors of the entity; or

“(C) to otherwise control the actions, policies, or personnel decisions of the entity.

“(4) UNITED STATES PERSON.—The term ‘United States person’ means—

“(A) a United States citizen or an alien lawfully admitted for permanent residence to the United States; or

“(B) an entity organized under the laws of the United States or of any jurisdiction within the United States, including a foreign branch of such an entity.”.

(f) Conforming and clerical amendments.—The Iran Threat Reduction and Syria Human Rights Act of 2012 (22 U.S.C. 8701 et seq.) is amended—

(1) by striking the heading of section 301 and inserting the following:

(2) in the table of contents, by striking the item relating to section 301 and inserting the following:

“Sec. 301. Identification of, and imposition of sanctions with respect to, foreign persons that are officials, agents or affiliates of, or owned or controlled by, Iran’s Revolutionary Guard Corps.”.