National Social Security Lottery Act

Summary

National Social Security Lottery Act - Title I: The National Lottery - Creates the National Lottery Commission to establish and operate an annual national lottery. Requires the Commission to report annually to the President and the Congress on its activities. Requires that lottery tickets be sold at U.S. post offices and any other places specified by the Commission. Prohibits the sale of tickets and awarding of prizes to persons under the age of 18. Sets forth criminal penalties for: (1) the sale of forged or stolen national lottery tickets; (2) fraud with respect to the national lottery; (3) unauthorized sales of national lottery tickets; (4) sales of such tickets at unauthorized prices; and (5) sales of such tickets to persons under the age of 18. Declares the sale of lottery tickets under this Act to be a Federal function for the purpose of raising revenue. Permits the sale of national lottery tickets anywhere under U.S. jurisdiction. Requires the Commission to consult and cooperate with appropriate State and local authorities in order to facilitate the operation of the national lottery and to minimize its impact in any area where it is permitted. Title II: Use of Lottery Revenues in Financing of Social Security Program - Establishes a National Lottery Trust Fund. Requires the Secretary of the Treasury to invest such portion of the Fund not required to meet current withdrawals. Provides that amounts in the Fund shall be available only for: (1) establishing and operating the national lottery; (2) paying lottery prizes; and (3) contributing to the Federal Old Age and Survivors Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, and the Federal Disability Insurance Trust Fund. Sets the maximum amount of the Fund to be used for establishment and operational costs of the lottery at ten percent, and the minimum amount to be used for paying lottery prizes at 40 percent. Requires the remainder to be deposited in the Federal Old Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund. Authorizes appropriations to the fund for FY 1986.

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1 official file

• Introduced in House

  summary · EN · 30 January 1985

  Open at official source

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