National Lottery Act of 1987

Summary

National Lottery Act of 1987 - Directs the Secretary of the Treasury to establish and operate a national lottery in each State in which such operation is legal. Requires the deposit of 50 percent of lottery receipts into the general fund of the Treasury for the purpose of reducing the Federal debt. Establishes criminal penalties for unauthorized sale of lottery tickets, especially sale of such tickets to minors. Establishes the Lottery Fund for the deposit of receipts to provide prizes for winners, operational costs, and payments to States for their participation in conducting the lottery. Requires the Secretary of the Treasury to report annually to the President pro tempore of the Senate and the Speaker of the House of Representatives on: (1) the operation of the lottery during the most recently concluded fiscal year; and (2) the proposed operation during each fiscal year in the five-year period beginning at the end of the most recently concluded fiscal year. Requires the Secretary to notify the Congress when monies in the lottery are inadequate to continue operation.

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1 official file

• Introduced in House

  summary · EN · 6 January 1987

  Open at official source

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