Second chance Lottery tickets
The "Play It Again™" program offers players the opportunity to enter into a second chance drawing to win a $1, 000, 000 annuitized grand prize. Players who are registered members of the Michigan Bureau of State Lottery's (Bureau) Internet-based VIP club, Players Club, can redeem Reward Points for entry into the "Play It Again™" program.
Following the Promotional Period, on August 5, 2015, one (1) finalist drawing will be conducted. In the finalist drawing, three (3) winners will be selected to receive entry into the grand prize drawing. In September 2015, the grand prize drawing will be conducted and one (1) finalist will be awarded a $1, 000, 000 annuitized grand prize.
DEFINITIONS - as used in this directive.
Bureau - means the Michigan Bureau of State Lottery.
Commissioner - means the Commissioner of the Bureau or any person to whom the Commissioner's authority is lawfully delegated.
Cash Option Payment Definitions -
Cash option payment under Internal Revenue Code 26 USC 451 (h) means the eligible person who has won a qualified prize who has a 60-day option to elect to receive a discounted single cash payment in exchange for the right to receive future installment payments. The election must be exercised within sixty (60) days of the filing of a claim.
Eligible person means an individual taxpayer on the cash receipt and disbursements method of accounting; including partnerships or other pass-through entities consisting entirely of individual taxpayers as described in this paragraph.
Installment prize or annuitized prize means a qualified prize.
Cash option payment means a one time payment where the full face value of a series of installment payments is reduced to present cash value.
Discounted single cash payment means the discounted rate used by the Bureau in determining cash option payment and reflects bond market conditions.
Present cash value is the annuitized prize discounted to present value using the discount rate. This is the amount paid to the winner selecting the cash option payment.
You might also like
2nd Chance Max
Mobile Application (Magisoft)