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Tippecanoe County May Not See Income Tax From Lottery Win

Purdue University economist Larry DeBoer says forming an LLC is a way to protect the winner and avoid income tax.

Photo: Dave/Flickr

Purdue University economist Larry DeBoer says forming an LLC is a way to protect the winner and avoid income tax.

Tippecanoe County may not see its share of a $435.3 million Powerball jackpot because the anonymous winner claimed his winnings under a limited liability company.

The winner is from the county, but county Treasurer Jennifer Weston tells the Lafayette Journal & Courier that it’s unlikely the county will see its 1.1 percent income tax because the winner formed an LLC.

Purdue University economist Larry DeBoer says forming an LLC is a way to protect the winner and avoid income tax.

Indiana secretary of state office records show the money is being paid to Bohemian Financial LLC, which was established March 1 and lists a Lafayette attorney as its registered agent.

The winner walked away with $189.1 million, which Weston says would’ve earned the county more than $2 million.

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