National Medicare Lottery Act

Summary

National Medicare Lottery Act - Establishes the National Lottery Commission to administer an annual lottery for purchasers of series LL savings bonds. Requires the Commission to report to the President and the Congress by June 30 of each year on its activities in carrying out this Act. Establishes the National Medicare Lottery Trust Fund. Appropriates to such Trust Fund certain criminal fines (relating to lotteries) and the excess amounts of interest rates of series EE bonds over series LL bonds for a fiscal year. Authorizes the Secretary of the Treasury to invest portions of the Trust Fund not required to meet current withdrawals. Requires that 50 percent of the amounts in the Trust Fund be divided equally among: (1) the Federal Hospital Insurance Trust Fund; (2) the Secretary of Education to carry out programs; and (3) the Secretary of Health and Human Services for child care services under the block grant program to States for social services of the Social Security Act. Requires the use of 40 percent to pay prizes and the remaining ten percent for the administration of the national lottery. Establishes series LL savings bonds. Provides that purchasers shall be entered into the national lottery one time for each $25 spent. Declares that this Act shall apply throughout the jurisdiction of the United States, and that nothing in this Act shall invalidate or otherwise affect any State or local lottery, law, policy, or practice. Requires the Commission to consult and cooperate with appropriate State and local governmental authorities. Exempts amounts of lottery prizes from Federal taxation.

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1 official file

• Introduced in House

  summary · EN · 3 January 1985

  Open at official source

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