Winning Powerball in KS could boost state funds

Posted at 7:39 AM, Jan 11, 2016
and last updated 2016-01-11 08:39:39-05

Kansas could be a big winner if someone buys the winning ticket to the $1.3 billion Powerball drawing in the state.

The Kansas Lottery says a Kansas winner of Wednesday's jackpot would have to pay at least $40 million to the state.

The Topeka Capital-Journal reports that is far more than the state's current budget shortfall, which is more than $10 million.

Lottery spokeswoman Sally Lunsford says if the winner took the one-time payout of $806 million, the state's tax of 5 percent would generate a bit more than $40 million.

After federal taxes, the winner would still get $564 million.

If the winner took the annuity payments, the state would withhold 5 percent every year.

The state would reap millions but it would be spread over several years.

Information from The Topeka Capital-Journal