Sec. 12. Agency retention of proceeds
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/bill/114/s/2375/is/section-12·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 571 of title 40, United States Code, is amended to read as follows: Net proceeds described in subsection
(c)shall be deposited into the appropriate tangible property account of the agency that had custody and accountability for the tangible property at the time the tangible property is determined to be excess. The net proceeds deposited under paragraph
(1)may only be expended as authorized in annual appropriations Acts, for activities described in sections 543 and 545, including for payment of costs incurred by the Administrator of General Services for any disposal-related activity authorized by this title. Any net proceeds described in subsection
(c)from the sale, lease, or other disposition of surplus tangible property that are not expended under paragraph
(2)shall be used for deficit reduction. Nothing in this section affects section 572(b), 573, or 574. The net proceeds described in this subsection are proceeds under this chapter, less expenses of the transfer or disposition as provided in section 572(a), from— a transfer of excess tangible property to a Federal agency for agency use; or a sale, lease, or other disposition of surplus tangible property. Except as otherwise provided in this subchapter, proceeds described in paragraph
(2)shall be deposited in the Treasury as miscellaneous receipts. The proceeds described in this paragraph are proceeds under this chapter from— a transfer of excess personal property to a Federal agency for agency use; or a sale, lease, or other disposition of surplus personal property. Subject to regulations under this subtitle, the expenses of the sale of personal property may be paid from the proceeds of the sale so that only the net proceeds are deposited in the Treasury of the United States. This paragraph applies in a case in which proceeds are deposited— as miscellaneous receipts; or to the credit of an appropriation as authorized by law. . The amendment made by subsection
(a)shall take effect on the date of termination of the Board under section 3(i).