Puerto Rico's Senate approved tax hikes on imported oil Wednesday evening, taking Puerto Rico another step toward issuing a $2.9 billion bond.
The approval came after Puerto Rico's House of Representatives passed a similar, though not identical, bill Tuesday.
A conference committee between the two bodies will now be formed to create a single version that will be put to a vote by both bodies, before being sent to the governor for his signature.
The new $15.50 tax per barrel of oil would be split among the Puerto Rico Highways and Transportation Authority, the Puerto Rico Infrastructure Finance Authority, and the Integrated Transportation Authority.
Gov. Alejandro García Padilla has proposed having PRIFA sell up to $2.9 billion in bonds. The bond sale would be supported by PRIFA's new oil tax income.
Proceeds would be primarily used by PRIFA to pay off PRHTA's $2 billion debt to the Government Development Bank for Puerto Rico.
The oil tax bill has several additional planks in both bills related to the PRHTA and Puerto Rico's general tax system.
