Puerto Rico’s Revenue Below Forecast in Year That Just Ended
- Tax receipts for the year are $117 million below budget
- Personal and business tax revenue came in below projections
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Puerto Rico collected $9.7 billion of general-fund revenue in fiscal 2016, $117 million less than estimated in the island’s budget, as individual and corporate tax receipts were below projections.
The commonwealth brought in $2 billion of personal-income tax revenue in the 12 months ended June 30, making up the largest share of the budget, Treasury Secretary Juan Zaragoza said in a statement late Thursday. Puerto Rico collected about $1.7 billion of corporate tax receipts. Individual and business revenue was $51 million below revised budgeted estimates.