(a)
In general— Section 524 of title 40, United States Code, is amended—
(1)
by striking subsection (a);
(2)
in subsection (b)—
(A)
in paragraph (1) by striking the semicolon and inserting “; and”;
(B)
by striking paragraph (2); and
(C)
by redesignating paragraph (3) as paragraph (2); and
(3)
by redesignating subsections (b) and (c) as subsections (a) and (b), respectively.
(b)
Procedure for disposal— Section 545 of title 40, United States Code, is amended—
(1)
in subsection (b)—
(A)
in paragraph (7) by striking the semicolon and inserting “; or”;
(B)
by striking paragraph (8); and
(C)
by redesignating paragraph (9) as paragraph (8); and
(2)
in subsection (d)—
(A)
by striking “Negotiated sale at fixed price” and all that follows through “The Administrator may” and inserting “Negotiated sale at fixed price.—The Administrator may”; and
(B)
by striking paragraph (2).
(c)
Real property— Chapter 5 of title 40, United States Code, is amended by inserting after
section 574 the following new section:
“575. Proceeds from sale of certain agency property
“Notwithstanding any other provision of this subchapter, proceeds from the sale of excess property or surplus property by an agency pursuant to section 102–75.255 of title 41, Code of Federal Regulations, shall be deposited into the General Fund of the Treasury where such amounts shall be—
“(1) dedicated to the sole purpose of deficit reduction; and
“(2) prohibited from use as an offset for other spending increases or revenue reductions.”
(d)
Clerical amendment— The analysis for chapter 5 of title 40, United States Code, is amended by inserting after the item relating to
section 574 the following new item:
(e)
Regulations— Not later than 180 days after the date of enactment of this Act, the Administrator of General Services shall issue such regulations as are necessary to update section 102–75.255 of title 41, Code of Federal Regulations, to authorize executive agencies to dispose of surplus property and excess property without making the property available to other executive agencies or State and local governments before such disposal.
(f)
Definitions— In this section, the terms “excess property”, “executive agency”, and “surplus property” have the meaning given such terms in section 102 of title 40, United States Code.