Star

8 Monday, March 21, 2016
The San Juan Daily Star
Treasury Falls Short of February Tax Collection Estimate
By JOHN MCPHAUL
jpmcphaul@gmail.com
The commonwealth Treasury Department
was not able to reach its
estimated revenue for the month of
February, according to the monthly report
of the agency released Friday.
Treasury remains $12.3 million below
its original estimate for the past month.
The drop in revenue puts a hole in
the estimate for the 2015-2016 fiscal year of
$196.1 million.
Looking at the various collection categories,
the “others” category remained
$10.9 million below the estimate and alcoholic
beverage and cigarettes collections
each fell short by $200,000.
In accumulated terms, the total income
of the first eight months of fiscal
year 2015-16 reached $5.3 billion, which is
equivalent to some $169.8 million, or 3.3
percent, below the same period of the previous
year.
The total collected represent $25.3
million less than the revised estimate and
$191.1 million less than the estimate for
the original FY 2015-16 budget.
The categories that have been lagging
during recent months were contributions
from individual income (-$5.2 million),
taxes on corporations (-$7.9 million)
and foreign corporations (-$6.9 million),
and collections for cigarettes ($2.2 million)
and motor vehicles (-$700 million). The category
others also had a dramatic drop of
$17 million compared with the estimate in
the budget for FY 2016.
Sales and use tax (IVU by its Spanish
acronym) collections in February were
$196.2 million, which represents $83.8
more than in February of last year.
Zaragoza said “the increase is due
principally to an increase in the IVU from
6 percent to 10.5 percent, and the 4 percent
increase on services between businesses
and professional services known as B2B.”
“The B2B collected was $9.9 million,”
By The STAR Staff
The ceremony to award the Congressional
Gold Medal to the U.S. Army’s
65th Infantry Regiment -- known as
the Borinqueneers -- will be held April 13
in Emancipation Hall in the U.S. Capitol
building.
Puerto Rico Resident Commissioner
Pedro Pierluisi and U.S. House Speaker
Paul Ryan announced the ceremony on
Friday.
Congressional proceedings will
cease during the event, which will be
televised and attended by hundreds of
veterans and their families, members of
Congress, and other military and civilian
dignitaries.
Pierluisi and Congressman Bill Posey
of Florida, who worked together to
draft and secure House passage of the bill
to award the Congressional Gold Medal
to the regiment, will speak at the event.
Other scheduled speakers include Ryan,
Sen. Richard Blumenthal of Connecticut,
House Democratic Leader Nancy Pelosi,
Senate Majority Leader Mitch McConnell
and Senate Democratic Leader Harry
Reid.
The 65th Infantry Regiment consisted
mainly of soldiers from Puerto Rico,
and is renowned for its bravery and skill,
particularly during the Korean War. The
Congressional Gold Medal is the highest
honor that Congress can bestow on an individual
or group for outstanding achievement.
Only one other Hispanic has
been awarded the Congressional Gold
Medal -- the baseball star and humanitarian
Roberto Clemente, who also hailed
he said. “The IVU collections for this month
were distributed in the following manner:
$186.6 million went to the General Fund,
$9.3 million, or 0.5 percent, to the Municipal
Administration Fund and $270,000
went to the Cinema Fund.”
The increases in IVU and B2B tax collections
raised overall collections to date
for the fiscal year by $10 million above the
original estimate.
Borinqueneers to Receive Congressional
Gold Medal Next Month
from Puerto Rico.
“The ceremony on April 13 will be
extraordinarily significant and emotionally
moving, because Congress -- on behalf
of a grateful nation -- will formally recognize
the surviving soldiers of the 65th Infantry
Regiment and honor the memory of
those members of the unit who have passed
away,” Pierluisi said. “The Borinqueneers
are a source of tremendous pride for
the U.S. citizens of Puerto Rico. They personify
the qualities of courage, hard work,
resilience, brotherhood, and patriotism. I
am so glad that, with the help of so many
people inside and outside of Congress, we
were able to get this bill passed.”
Meanwhile, Posey noted that “this
will be a historic occasion and I would like
to express my gratitude to the soldiers of
the 65th Infantry Regiment, known as the
Borinqueneers, for their service and the
great sacrifices they have made for our
nation and the cause of freedom.”
The resident commissioner expressed
gratitude to the Borinqueneers Congressional
Gold Medal Ceremony National
Committee (BCGM CNC), a non-profit
organization that is helping to educate the
American public about the 65th Infantry
Regiment and to plan for the April 13 ceremony
in conjunction with congressional
leaders.
Pierluisi also thanked the many individuals,
both in Puerto Rico and the states,
who have worked tirelessly to ensure
that the legacy of the Borinqueneers is understood,
appreciated and honored.
Information about the BCGM CNC
is available at http://www.bcgmceremony.org.