Mega Millions prize delivers millions to Michigan
Tuesday 26 de January 2021 / 08:15
2 minutos de lectura
(Michigan).- A billion-dollar lottery ticket sold at a grocery store in the Detroit suburbs will give Michigan an unexpected financial boost, a state official said over the weekend.
Only one winning ticket was sold ahead of the drawing for Friday’s $1.05 billion lottery prize. The winner will be given the choice to accept yearly payments or a lump sum of $776.6 million, said Jake Harris, a spokesman for the Michigan Lottery.
And that’s where things start looking up for the state: Michigan law requires the Lottery to withhold state and federal taxes from any prize of more than $5,000.
Michigan taxes lottery winnings at a 4.25 percent rate. That means the state is in line to receive about $33 million in taxes. And because that money is tax revenue, rather than proceeds from the sale of lottery tickets, it will fall into the state’s general fund, rather than an account dedicated to funding education.
The winner will fork over a much bigger share — 24 percent, or about $186 million — in federal taxes, Harris said. He or she might also have to pay local taxes, depending on where they live, though that responsibility falls to the winner.
The unexpected windfall will add an extra cushion to what was already a rosier-than-expected budget forecast. A report earlier this month from Michigan’s Senate Fiscal Agency found the state has billions of extra dollars to spend, bolstered by stimulus checks and federal aid passed as part of last year’s coronavirus relief packages.
Friday's jackpot was the third-largest in American history, following prizes awarded in 2016 and 2018. It would be the second-largest prize ever awarded to a single winner; three people shared the 2016 Powerball prize of $1.58 million, and one Mega Millions winner took home a $1.53 billion jackpot in 2018.
Categoría:Lottery
Tags: Sin tags
País: United States
Event
SBC Summit Americas 2025
13 de May 2025
Blokotech at SBC Summit Americas: Cutting-Edge Launches and New Features
(Fort Lauderdale, SoloAzar Exclusive).- In an exclusive interview with SoloAzar, Alberto Alfieri, Blokotech Co-Founder & Executive Chairman, discussed the innovations the company presented at SBC Summit Americas 2025 and how they address the industry's evolving needs, among other topics.
Monday 02 Jun 2025 / 12:00
SBC Summit Americas 2025: Everything about the panel "The Role of Laboratories and Certifications in the Latam Industry"
(Fort Lauderdale, SoloAzar Exclusive).- As part of SBC Summit Americas 2025, held from May 13 to 15 in Florida, the panel "The Role of Laboratories and Certifications in the Latam Industry" focused on the importance of technical standards and certification in the industry. Here are some of the highlights.
Wednesday 28 May 2025 / 12:00
21VIRAL at SBC Summit Americas 2025: Strengthening Partnerships & Embracing Innovation in LATAM Gaming
(Fort Lauderdale, SoloAzar Exclusive).- Mr Christoph Härtel, CEO of 21VIRAL, commented why SBC Summit Americas is a crucial event for the gaming industry. Among other issues, he said that insight on regulatory changes will shape how 21VIRAL approaches its market strategy. Read more in this unmissable Q&A session!
Tuesday 27 May 2025 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.