40 U.S.C. § 571 General Rules For Deposit and Use of Proceeds

• Library: United States Statutes
• Edition: 2023
• Currency: Current through P.L. 118-34 (published on www.congress.gov on 12/26/2023), except for [P. L. 118-31]
• Year: 2023
• Citation: 40 U.S.C. § 571

(a) DEPOSIT IN TREASURY AS MISCELLANEOUS RECEIPTS.-

(1) IN GENERAL.-Except as otherwise provided in this subchapter, proceeds described in paragraph (2) shall be deposited in the Treasury as miscellaneous receipts.

(2) PROCEEDS.-The proceeds referred to in paragraph (1) are proceeds under this chapter from a-

(A) transfer of excess property to a federal agency for agency use; or

(B) sale, lease, or other disposition of surplus property.

(b) PAYMENT OF EXPENSES OF SALE BEFORE DEPOSIT.-Subject to regulations under this subtitle, the expenses of the sale of old material, condemned stores, supplies, or other public property may be paid from the proceeds of sale so that only the net proceeds are deposited in the Treasury. This subsection applies whether proceeds are deposited as miscellaneous receipts or to the credit of an appropriation as authorized by law.

Cite as 40 U.S.C. § 571

Source: Pub. L. 107-217, 116 Stat. 1104; Pub. L. 114-287, §20(a), Dec. 16, 2016, 130 Stat. 1477; Pub. L. 114-318, §7(c)(1), Dec. 16, 2016, 130 Stat. 1616.

Notes from the Office of Law Revision Counsel

current through 5/22/2023

Amendment of Section

Pub. L. 114-287, §20, Dec. 16, 2016, 130 Stat. 1477, which Act is set out as a note under section 1303 of this title, provided that, effective upon the termination of the Public Buildings Reform Board pursuant to section 10 of Pub. L. 114-287 and not applicable to proceeds from transactions conducted under section 14 of Pub. L. 114-287 this section is amended by striking subsections (a) and (b) and inserting the following:

(a) PROCEEDS FROM TRANSFER OR SALE OF REAL PROPERTY.-

(1) DEPOSIT OF NET PROCEEDS.-Net proceeds described in subsection (c) shall be deposited into the appropriate real property account of the agency that had custody and accountability for the real property at the time the real property is determined to be excess.

(2) EXPENDITURE OF NET PROCEEDS.-The net proceeds deposited pursuant to paragraph (1) may only be expended, as authorized in annual appropriations Acts, for activities described in sections 543 and 545, including paying costs incurred by the General Services Administration for any disposal-related activity authorized by this chapter.

(3) DEFICIT REDUCTION.-Any net proceeds described in subsection (c) from the sale, lease, or other disposition of surplus real property that are not expended under paragraph (2) shall be used for deficit reduction. Any net proceeds not obligated within 3 years after the date of deposit and not expended within 5 years after such date shall be deposited as miscellaneous receipts in the Treasury.