Puerto Rico's General Fund revenue fell $37.7 million in May 2025 compared to the same month in the prior year, according to official figures from the Department of the Treasury (Hacienda). With only one month left to report for fiscal year 2024-2025, the year-over-year deficit stands at $124 million, making it nearly certain the fiscal year will close with lower revenue than the previous one. The May decline broke a positive streak and marked the first drop of the calendar year, after increases were recorded from January through April.
Income tax collections rose slightly by $2 million, driven by a $16 million increase from corporations offsetting an $11 million drop from individuals; partnerships fell $1.1 million. Combined, individual, corporate, and partnership contributions are down $167 million over the first 11 months of the fiscal year. Sales and Use Tax collections dropped $1.1 million in May, while excise taxes fell $31 million, led by a $5.5 million drop in alcoholic beverages (including a $5.3 million fall in beer excise taxes).
Tobacco excise revenue rose $2 million, but motor vehicle excise taxes fell $12 million, and petroleum excise taxes also declined.