Grants Oversight and New Efficiency Act or the GONE Act - Directs the Council of the Inspectors General on Integrity and Efficiency to submit to Congress and the head of each federal agency a report that: (1) lists each covered grant account held by the federal government, (2) recommends which of such grants should be immediately closed, and (3) explains why any covered grant account that has been expired for more than 90 days has not been closed out. Requires each federal agency head that manages a covered grant account recommended for closure in such report to close such account not later than 180 days after the report is submitted.

Defines "covered grant account" as a grant account in a federal agency payment management system that has a zero balance for more than 180 days and for which the grant award period has expired.