A bill to require the Secretary of the Treasury to establish a national lottery and to provide that not less than 50 percent of the receipts from such lottery be used to reduce the Federal debt.
National Lottery Act of 1986 - 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 sales of lottery tickets, especially sales 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.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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