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Puerto Rico Revenue $356 Million Under Budget, Treasury Says

May 9 (Bloomberg) -- Puerto Rico’s revenue collections for July through April fell $356 million below budgeted estimates as corporate tax payments lagged behind projections.

About 53 percent of corporations requested more time to file their taxes and didn’t make a payment while seeking the extension, Treasury Secretary Melba Acosta said in a statement.

The U.S. commonwealth, whose debt was cut to speculative grade in February by the three largest credit rating firms, collected $7.26 billion in general-fund revenue for the year that began July 1. About $427 million more in company tax receipts had been expected.

“We are analyzing the thousands of applications for time extensions that were not accompanied by payments, corporations that did not make estimated payments, and payments by corporations that were below expectations,” Acosta said today.

The deadline for those companies is July 15.

Puerto Rico’s economy has shrunk in five of the past seven fiscal years. It’s projected to grow by 0.1 percent in the fiscal year ending June 30 and by 0.2 percent in fiscal 2015, which begins July 1. Governor Alejandro Garcia Padilla has said he plans to balance the next budget without deficit financing.

To contact the reporter on this story: Michelle Kaske in New York at mkaske@bloomberg.net

To contact the editors responsible for this story: Stephen Merelman at smerelman@bloomberg.net Pete Young, Jeffrey Taylor

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