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Daily Tax Report: State

$1.5B Lottery Claim Boosts South Carolina Budget

March 4, 2019, 11:27 PM

South Carolina lawmakers will have an easier time during upcoming budget deliberations now that a $1.5 billion Mega Millions prize has been claimed.

The lottery winner came forward after waiting several months, securing South Carolina about $61 million in income tax revenue. The top prize for the Oct. 23, 2018, drawing had to be claimed by late April or the money would have been returned to the lottery coffers of 44 states that hold the contest.

The South Carolina Education Lottery Commission said in a March 4 announcement that the winner has chosen to remain anonymous and selected the option of a $877.8 million one-time cash payment.

The state’s current legislative session is scheduled to run until May 9. Lawmakers have yet to pass a spending plan for the fiscal year that begins July 1.

To contact the reporter on this story: Andrew M. Ballard in Raleigh, N.C. at aballard@bloomberglaw.com

To contact the editors responsible for this story: Jeff Harrington at jharrington@bloombergtax.com; Karen Saunders at ksaunders@bloombergtax.com

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