8 Monday, March 21, 2016 The San Juan Daily <strong>Star</strong> 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.
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