Puerto Rico Tax Collections Surpass Budget by $524 Million

Puerto Rico’s revenue collections through March were $524 million above budgeted estimates as individual tax receipts and sales-tax revenue exceeded expectations.

• Puerto Rico pulled in nearly $8.3 billion of revenue from July through March, according to the commonwealth’s Treasury Department. That was $524 million more than budgeted and $989 million above what the commonwealth collected during the same period in the prior fiscal year
  • Personal-income taxes were $250 million above estimates
  • Sales-tax receipts surpassed budgeted projections by $110 million
• All major tax categories exceeded budgeted projections, according to the Treasury Department
• Puerto Rico in March restructured $22 billion of debt ...