Puerto Rico's fiscal 2010 revenue collections through October came in $33 million above budgeted revenues, due in part to better than expected business-tax receipts and a temporary property tax hike.
Total revenue from July through October is $2.19 billion, $33 million higher than the $2.16 billion estimate for the first four months of fiscal 2010, according to the Government Development Bank for Puerto Rico, the commonwealth's financing arm. While revenues this fiscal year performed stronger than prior estimates, the island generated $45 million less revenue compared to the same period in fiscal 2009.
Corporate tax revenue from July through October totals $520 million, $32 million more than budgeted projections. Lawmakers earlier this year implemented a three-year property tax increase to residents and businesses.
So far, that tax boost has performed above expectations, with the government receiving $48 million of property tax revenue during the first four months of this fiscal year, $36 million more than what officials were anticipating.
Conversely, individual income tax receipts for the first four months total $740 million, $50 million below budgeted estimates. Motor vehicle tax revenue and alcohol tax revenue are also underperforming.
