HR 34
LASSO Act
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Bill overview
The LASSO Act directs a portion of revenue generated from public lands managed by the Department of the Interior and the Forest Service to be deposited into the Social Security Trust Fund. Specifically, 10% of the revenue collected each year will be transferred to this fund, which supports Social Security benefits for retirees and survivors. This action aims to bolster the financial stability of Social Security by utilizing revenue from public lands. The bill includes provisions to prevent changes in pricing and ensure existing revenue sharing agreements with states and local governments remain intact.
Key provisions
- 10% of revenue from covered public lands will be deposited annually.
- Revenue comes from the Department of the Interior and the Forest Service.
- Funds are deposited into the Federal Old-Age and Survivors Insurance Trust Fund.
- The Act applies to submerged lands on the Outer Continental Shelf.
- The bill includes provisions to maintain existing revenue sharing arrangements.
Who is affected
- Social Security Recipients
- Federal Government (Department of the Interior, Forest Service)
- Landowners (indirectly)
- Taxpayers
- State and Local Governments
Notable changes
- Establishes a dedicated funding stream for Social Security from public lands revenue.
- Creates a specific percentage (10%) for revenue allocation.
Fiscal impact
Sponsors
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Primary sponsor
Cosponsors
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119th CONGRESS — 1st Session
H. R. 34
IN THE HOUSE OF REPRESENTATIVES
A BILL
To deposit portions of revenue generated from public lands into the Social Security Trust Fund.
This Act may be cited as the Land And Social Security Optimization Act LASSO Act
or
.
Nothing in this Act shall be construed as—
authorizing the Secretary of the Interior or the Secretary of Agriculture to raise the price of any of the activities through which revenue is generated on covered public lands; or
reducing amounts made available to States, Indian Tribes, territories, or local governments from revenue generated by covered public lands.
In this Act, the term covered public lands means any land under the administrative jurisdiction—
of the Department of the Interior, including submerged lands on the Outer Continental Shelf (as such term is defined in section 2 of the Outer Continental Shelf Lands Act (43 U.S.C. 1331); or
the Forest Service.