National Lottery and Deficit Reduction Act

Summary

National Lottery and Deficit Reduction Act - Establishes a national lottery to reduce the Federal debt, to be administered and operated by the Secretary of the Treasury. Requires the Secretary to: (1) issue regulations in accordance with this Act; (2) deposit lottery receipts in the general fund of the Treasury; and (3) report to the Congress monthly on lottery revenues and expenditures. Sets forth criminal penalties for illegal ticket sales and the sale of counterfeit tickets. Makes Federal lottery provisions inapplicable to this Act. Establishes the National Lottery and Deficit Reduction Trust Fund to consist of amounts received from lottery ticket sales and fines imposed under criminal penalties. Directs the Secretary to invest portions of the Trust Fund not required for current withdrawals in interest-bearing obligations of the United States. Requires that proceeds from such investments be credited to the Trust Fund. Declares the following purposes for amounts in the Trust Fund: (1) 75 percent to reduce the principal on the Federal debt; (2) 20 percent to pay prizes; and (3) five percent for administration and operation. Authorizes appropriations as necessary for FY 1988. Authorizes the mailing of lottery tickets and materials for purposes of this Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 6 January 1987

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.