SMART Leasing Act

Unused monetary consideration from leases is now split: 50 percent goes to a working capital account for property maintenance and improvements (as before), and 50 percent is deposited in the general fund of the Treasury specifically for deficit reduction. Previously, all unused amounts went to the working capital account.

A new prohibition bars the Administrator from entering into a pilot lease with any individual or entity that: intends to conduct illegal activities in Federal facilities or under Federal law; conducts activities for which Federal funding is prohibited; is a section 527 political organization under the Internal Revenue Code; is owned, operated, or controlled by a foreign government; or currently holds a Federal grant, contract, or award from the applicable agency still in its performance period.

A new limitation prohibits using any pilot program lease to carry out lobbying activities as defined in section 3 of the Lobbying Disclosure Act of 1995 (2 U.S.C. 1602).

Minor wording fix in subparagraph (A): changed 'full costs to the Administration' to 'full costs to the Administrator.' Also corrected an en dash to a hyphen in the McKinney-Vento reference.