LASSO Act
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This bill would direct 10% of federal public land revenue to the trust fund that pays Social Security benefits to retirees and survivors.
What it does
This bill would require that 10% of all revenue generated from public lands and submerged lands on the Outer Continental Shelf be deposited into the Federal Old-Age and Survivors Insurance Trust Fund. These funds, collected by the Department of the Interior and the Forest Service, would be used to support Social Security benefits for retirees, their families, and the survivors of deceased workers.
Who is affected
This bill affects the Department of the Interior and the Forest Service, which would be required to redirect a portion of revenue generated from public lands and the Outer Continental Shelf. The Federal Old-Age and Survivors Insurance Trust Fund would receive these deposits to support Social Security beneficiaries, including retirees, their families, and the survivors of deceased workers.
Key provisions
- Revenue allocation for Social Security. Requires that 10% of revenue generated from public lands and submerged lands on the Outer Continental Shelf be deposited into the Federal Old-Age and Survivors Insurance Trust Fund.
- Departmental jurisdiction requirements. Applies the revenue diversion mandate to lands under the jurisdiction of both the Department of the Interior and the Forest Service.
Fiscal impact
Not applicable: No CBO cost estimate available
Effective dates
Not applicable: Official Summary does not address effective dates
Relationship to existing law
The bill redirects a portion of revenue generated from public lands and the Outer Continental Shelf to the Federal Old-Age and Survivors Insurance Trust Fund, the existing mechanism used to pay Social Security benefits to retirees and survivors.
Stated purpose
The bill seeks to supplement Social Security funding by directing a portion of the revenue generated from public and submerged lands managed by the Department of the Interior and the Forest Service into the Federal Old-Age and Survivors Insurance Trust Fund.