Puerto Rico’s general fund revenues from July through March total $5.05 billion, just $11 million more than budgeted estimates.
The general fund received more revenues during the same period last year, posting $5.15 million at the end of March 2010, $107 million more than fiscal 2010, according to a March revenue report the Government Development Bank for Puerto Rico released on Friday.
Personal tax receipts account for the bulk of the year-over-year difference as the general fund had $160 million more individual tax revenue during the first nine months of fiscal 2010, totaling $1.78 billion, compared to the same period this year when the general fund received $1.62 billion.
A new 4% excise tax that began in January has helped boost general fund revenue this year.
The general fund received $126 million of excise tax receipts in March, $9 million more than earlier projections. January through March general fund excise revenue total $235 million, also $9 million above expectations.
The temporary excise tax applies to businesses not based in Puerto Rico that make a profit off of products made on the island.
Corporations can then apply that tax payment to Puerto Rico as a credit on their federal tax returns.
Officials anticipate the new tax will generate $1.4 billion of new revenue in 2011.
The 4% tax will decrease gradually and end in 2016.