Puerto Rico's November General Fund revenues came in 8.9% better than budgeted.
The November total of $530 million gross revenues and $490 million after a tax refund reserve is set aside were $45.3 million ahead of the November 2015 totals, according to the Puerto Rico Treasury. This exceedance was 9.3% better than the actual November 2015 net General Fund revenues.
Through the first five months of the fiscal year General Fund net revenues are 3.4% ahead of projections and 4% ahead of the first five months of fiscal year 2015-2016.
The biggest exceedance over the budgeted values for November came from the 4% excise tax on foreign corporations (Act 154), at $39 million over the projection, and the corporate income tax, at $10 million over.
Through the first five months the types exceeding their budgeted values the most were Act 154 with $110 million, sales and use tax with $29 million, and corporation income tax with $15 million. In this period Act 154 accounted for 23.6% of all revenues.
The dependence on Act 154 is a potential problem for the Puerto Rico government because the federal measure allowing Act 154 is scheduled to sunset. Without federal and commonwealth level actions, Puerto Rico expects to lose $500 million in Act 154 revenues in fiscal year 2017-2018 and $1.5 billion in fiscal year 2018-2019, according to Puerto Rico's government.
