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Senate passes 30 bills over to House
A bill known as the Protecting Georgia's Investment Act passed, which requires boards administering public retirement funds to identify all companies doing investments in Iran. By prohibiting Georgia retirement plans from investing in foreign publicly traded companies that operate in Iran, we can protect state pension funds. Specifically,SB 451 provides that pubic funds be required to identify all "scrutinized companies" in which the public funds have direct or indirect holdings. A scrutinized company is one that has actual knowledge of investments of $20 million or more in Iran's petroleum sector that directly or significantlycontributes to the enhancement of Iran's ability to develop the petroleum resources of Iran. Currently, Georgia has over $500 million invested in companies that are actively doing business in Iran. Energy companies falling into these categories provided an estimated growth rate of over 31 percent on the investment in the past year. Conducting business in this country serves only to economically support their government and allows Iran to continue pursuing terrorist actions. Other states, including Florida, California and New Jersey have successfully enacted divestment legislation for their public retirement funds, free of negative financial consequences. In committee news, the Senate Public Safety Committee will continue to hear dialogue concerning House Bill 978, legislation that requires any motor vehicle registered in the state that violates traffic laws or is involved in an accident, while being operated by a person who is illegally in this country, will be subject to forfeiture and seizure. The owner will only be allowed to recover the vehicle if they are willing to provide a sworn statement stating they were unaware of the illegal immigration status of the vehicle operator. If any motor vehicle is forfeited and sold under this legislation, the court may order funds received from the sale to be distributed to the victim, in order to offset costs incurred as a result of the accident. I am looking forward to the continued dialogue regarding this essential legislation, and hope that it comes before the Senate for consideration. I'd also like to update you on some of the other legislation the Senate has recently passed: SB 305 extends protection to corporations that provide assistance in disasters, which passed 52 to 0. SB 539 exempts continuing care retirement communities from Certificateof Need (CON) requirements, which passed 52 to 1. SB 328 seeks to attract state employees by increasing benefits and contributions to retirement plans, which passed 37 to 15. SB 480 allows colleges that have lost accreditation to still receive the HOPE scholarship while they are reapplying for accreditation, which passed 52 to 0. SB 529 increases penalties for drivers involved in a hit and run vehicular or boating accident that results in the death of another, which passed 52 to 0.
SR 515 allows a county or municipality to give property tax breaks to teachers, firefighters and law enforcement officers, which passed 51 to 2.
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