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Puerto Rico sees jump in early revenue collections

January 9, 2014

SAN JUAN, Puerto Rico (AP) — Puerto Rico’s treasury secretary says preliminary revenues collected by the U.S. territory in the past six months are $80 million above initial estimates.

Melba Acosta also said Thursday in a statement that the $913 million in preliminary revenue collections for December is the highest total ever for that month.

She credited most of the jump to increases in a corporate income tax and a tax on foreign companies.

Puerto Rico just entered its eighth year of recession and is struggling with $70 billion in public debt.

The island’s general obligation bond debt also is hovering above junk status.

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