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Illinois Lottery proceeds currently benefit three major areas: 1) the state's Common School Fund (CSF), which helps finance K–12 public schools; 2) The Capital Projects Fund, used for infrastructure improvements and job creation and 3) special causes like Illinois veterans, breast cancer charities and research, assistance for people living with HIV/AIDS, and multiple sclerosis research.
In Illinois, lottery winnings of $1,000 or more must have Illinois Income Tax withheld — which would be 4.95% of the prize money. And when it comes time to file your tax return, lottery winnings ...
State lotteries have become a significant source of revenue for states, raising $17.6 billion in profits for state budgets in the 2009 fiscal year (FY) with 11 states collecting more revenue from their state lottery than from their state corporate income tax during FY2009. [10] Lottery policies within states can have conflicting goals. [11]
In the fiscal year 2024, the state made $2.088 billion from various types of gambling and the Illinois Lottery. According to the report, this was a 4.8% increase over fiscal year 2023.
A lottery machine jam turned out to be a blessing after it made one Illinois Lottery player $9.2 million richer.. The winning $2 Lotto ticket was purchased on Aug. 24 in Addison, about 20 miles ...
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