The Puerto Rico Senate's Treasury, Budget and PROMESA Committee, chaired by Senator Migdalia Padilla Alvelo, held its fourth public hearing on Senate Resolution 461, authored by Senator Wilmer Reyes Berríos, to examine the impact of the crude oil and derivatives excise tax known as the 'crudita' on consumers and Puerto Rico's economic activity. Padilla said the funds from the tax currently form part of the General Fund and total around $500 million, and called for the discussion to be part of a well-designed, accessible tax reform examining how much is collected and how the money is used.
The hearing continued a series of appearances by government agencies and specialized entities, with information gathered to be used to evaluate the tax's economic consequences and formulate findings and recommendations on fuel tax policy in Puerto Rico. Representing the Asociación de Industriales, attorneys Karen Mojica and Carlos Serrano testified in support of the proposed investigation.
Serrano explained that the 'crudita' combines several components that, for products subject to all of them, add up to $15.50 per barrel. Industry and commerce representatives proposed alternatives for reducing or eventually eliminating the tax.