COLUMBIA, S.C. — Here's how a big money winner could end up being a bit of a money loser for South Carolina.
If in a few weeks no one claims a lottery ticket worth $1.5 billion sold in the Upstate, Palmetto State lawmakers may have less money to spend in the coming fiscal year.
The state expects to collect $61 million in income taxes as its share of the Mega Millions jackpot if the winner opts to take the money as a lump sum.
The winner still has three months to turn over the ticket to state lottery officials and become instantly mega rich. But three months have gone by with no word from whoever bought the winning ticket at a convenience store in Simpsonville.
"We're starting to get nervous about whether that $61 million is realistic," Frank Rainwater, director of the state Revenue and Fiscal Affairs Office, told legislators during a briefing on state revenue estimates Tuesday.
If no one surfaces before the state's economic advisers meet in the middle of next month, they will consider reducing projected surpluses so legislators don't count on an iffy $61 million when they craft their budget proposals for the fiscal year starting July 1.
Currently, the $61 million is part of a half-billion dollars in projected surpluses meant for one-time expenses.
That $61 million could cover agencies' requests for new voting machines or new school textbooks or prison cell door upgrades.
South Carolina's grace period for collecting lottery wins is 180 days following the drawing. Because the drawing in this case occurred on October 23, 2018, that would make the deadline for claiming the unprecedented prize April 21, 2019.
If the winner doesn't surface before the 180-day deadline, the state will still collect a portion — though much less — as the entire pot will be divided among all states participating in the Mega Millions contest, based on each state's percentage of total sales, Rainwater said.
That would put about $11 million into South Carolina's unclaimed prizes fund, which legislators can spend as lottery profits, limited to college scholarships and other education expenses.
A spokeswoman for the S.C. Education Lottery did not return a voice message Tuesday.
The identity of the winner of the nation's second-largest lottery jackpot might never be known, even if he or she does contact lottery officials before the deadline. South Carolina is among a handful of states that allows lottery winners to remain anonymous.
If it has been Simpsonville, KY not SC I would have claimed it in 2019.
Give it a break, SCL...still almost three months to go.
A strange feeling does come that this won't be claimed.
I know it would never ever happen in my wildest dreams, but wouldn't it be something if they just put it in the MM jackpot all @ once? Could you just imagine the frenzy then? LOL
If this were our $1.5+ Billion jackpot, we'd be taking our time to collect, too.
April 21st deadline hunh ? Let's seeeeeeeee....That is Easter Sunday...and roughly 88 days away. Wonder if they are strict and say by close of business on Friday(19th) or the option for Monday(a day late)......Not my horse,not my stall to clean out.
Guess you legislators better just consider that one(if the winner comes forward at all ) for a late hurricane fund.... But at least you're slurping up the interest on all that cash for another possible 12+ weeks. I am sure you can have an alternative back-up budget plan if the winner comes forward. I have never heard of a government that doesn't know how to spend $$ if they have a sudden influx of it. Good grief, what would you do if this current PB got up that high by March, another SC resident won and didn't claim it until mid July ?
Why play?
They are worried about their $61 million lol
While the winners hundreds of millions at stake
l have no idea why they are nervous? The rules at the back of every MM & PB ticket out here States “ Winner has up to a year to claim.” If the winner is in no hurry, what’s their problem? Balance your books without factoring in what you assume should be.
I bet if they knew the phone # of the winner, they would be harassing the individual to please come forward “ we need that cash for the schools & new prison doors to keep those criminals off the streets & away from YOU.”
I find it impolite for the winner not to contact the Lottery Officials. At least have a financial adviser do the same. Maybe even a lawyer or attorney.
Players who purchased tickets at the store are double-checking their tickets.
The largest amount never claimed was $70.2 million in a Power Ball ticket 2002. I think it was in Indiana. This record amount will change that if not claimed.
Here is another guess. The winner is a teenager 18 or 19 years old. They are following the advice found here on LP and getting a team together. An attorney, lawyer, Certified Financial Planner, and a Certified Public Accountant CPA.
We may never know.
"Give it a break, SCL"
This has nothing to do with the lottery. This just the logical result of somebody a bit smarter than Clark Griswold waiting until they actually get their bonus before making commitments about how to spend it. The deadline for the winner is still 3 months away, but the finance people have a deadline that's only 3 weeks away and they're just being cautious enough to not count unhatched chickens.
” You find it impolite to not contact the lottery- why music?” If the winner want to take their sweet time, then why not? It’s not as though they overstayed the checkout time in a hotel, they entitled to do what they deem necessary. Do you recall back in Aug 2012, the California Lottery swooped down on a convenient store in Fremont less than 45 days after a MM winner had not showed up to claim their millions. They, the lottery, took it upon themselves to put the footage of the winner on tv with the caption “ please show up and collect your millions.” They got an earful from the public, saying that their actions endangered the winner. They have since stopped that practice. So S.C. can just wait- imho.
Contacting the lottery is like an "unwritten" basketball rule; no harm, no foul. Or like the "unwritten" no call football rule when your team is winning. Does the lotteries need to find the winner outweigh the winner's privacy?
Exactly!
If SC wanted a courtesy call three months in, they should have written the law to address that. There's nothing impolite about doing no more than the law requires you to do in this situation.
oate, Do we really need more laws to tell us what or what not to do? Whatever happened to Common Sense? A simple phone call by an adviser would settle everyone down. That would be the kind thing to do.