Puerto Rico Treasury reports $656.1M in net income in November ’20
January 7, 2021
The Puerto Rico Treasury Department reported net income to the General Fund during the month of November — the most recent figures available — totaled $656.1 million. Agency Secretary Francisco Parés confirmed that the figure represented $127.8 million, or 24%, over the monthly projection based on the budgetary method. Meanwhile, collections accrued during the first […]
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Puerto Rico residents have until Friday to claim $1,200 incentive
December 17, 2020
Individuals residing in Puerto Rico during the year 2019 or 2020 have until Friday to request the $1,200 economic incentive approved by the federal government earlier this year to mitigate the effects of COVID-19, Treasury Department Secretary Francisco Parés-Alicea said. “We urge citizens who have not completed the CARES Act financial aid application to do […]
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Puerto Rico Treasury Dept. confirms Medicare cash benefit is not income
December 4, 2020
The Puerto Rico Treasury Department has ruled that the cash benefit available in certain products to Medicare Advantage plan members is not considered income and, therefore, does not affect the member’s eligibility for other programs and services based on income. “We’re very pleased that the Treasury Department expressed and confirmed through a ruling that the […]
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Puerto Rico Treasury Department unveils online appointment system
October 28, 2020
The Puerto Rico Treasury Department unveiled a new online appointment system through which taxpayers can schedule time with the agency and conduct their transactions at a given date. “With great satisfaction I announce that we already have our online appointment system available to continue serving the needs of taxpayers in an agile and safe manner, […]
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Puerto Rico Labor Dept. unveils new ‘FastPUA’ benefits platform
September 3, 2020
The Puerto Rico Department of Labor announced the launch of a new online Pandemic Unemployment Assistance platform — known as FastPUA — to expedite claims, by working in tandem with the Puerto Rico Treasury Department, which will share taxpayer information. The Labor Department began testing the platform last week, during which some 5,749 claimants accessed […]
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Puerto Rico Treasury reports $9.3B in Fiscal ’20 revenue; OBoard says it’s incomplete
August 6, 2020
The Puerto Rico Treasury Department reported that the preliminary revenue for the General Fund during the 2019-2020 fiscal year totaled $9.3 billion. Although the collections of the last two quarters of this fiscal year were affected by the earthquakes and the COVID-19 pandemic, they exceeded the revised Financial Oversight and Management Board for Puerto Rico […]
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Puerto Rico Treasury Dept. pays out $26M in tax return refunds
June 26, 2020
The Puerto Rico Treasury Department disbursed additional $26 million in income tax return refunds for the 2019 tax year, pushing the total number of payments to more than $400 million, agency Secretary Francisco Parés said. “This week we’re sending refunds of $26,247,554 to some 35,116 taxpayers. Our commitment is to continue disbursing all the aid […]
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Puerto Rico Treasury Dept. opens application process for small business incentives
June 5, 2020
Effective today, the Puerto Rico Treasury Department will open a link through the Unified Internal Revenue System (SURI, in Spanish), so that eligible small and medium businesses can apply for the second round of financial aid approved under the CARES Act. Treasury Secretary Francisco Parés said the approved incentives for small and medium-sized businesses will […]
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Puerto Rico Treasury starts cutting $1,200 checks to 2018 tax return filers
May 21, 2020
The Puerto Rico Treasury Department has begun the second phase of the Economic Impact plan, which calls for sending $1,200 to taxpayers who filed their 2018 returns. Those deposits follow the disbursements to taxpayers who filed their returns for 2019, and provided their banking information to the agency. On Tuesday, the agency disbursed nearly $48 […]
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Treasury opens site for Puerto Rico taxpayers to submit banking info
May 8, 2020
The Puerto Rico Treasury Department will open a website at 4 p.m. today so that taxpayers who filed their 2019 returns without their bank account information can submit it to be next in line to receive their $1,200 federal stimulus checks. Treasury Secretary Francisco Parés said only those individuals should access the website today through […]
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Puerto Rico Treasury to begin notifying taxpayers eligible for $1,200 stimulus
April 23, 2020
Some 486,000 Puerto Rico residents will begin receiving e-mail notices from the island’s Treasury Department informing them of their eligibility for the $1,200 federal stimulus check, which will be deposited directly into their bank accounts, agency Secretary Francisco Parés said. The deposits materializes as soon as the U.S. Department of the Treasury approves the local […]
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Treasury: Eligible Puerto Rico residents to get CARES Act check in late April
April 16, 2020
The $1,200 stimulus checks provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act that some Puerto Rico residents are already receiving respond to specific circumstances that don’t apply to everybody on the island, Treasury Secretary Francisco Parés said. Furthermore, he said local residents who are eligible for the benefit could begin seeing the […]
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Puerto Rico Treasury waiting on federal guidelines to cut $1,200 checks
April 7, 2020
The Puerto Rico Treasury Department is waiting on its federal counterpart to issue the guidelines to cut $1,200 checks to eligible island residents as part of the CARES Act. However, the agency announced that it is considering advancing the disbursements after the Financial Oversight and Management Board for Puerto Rico approved the local government’s request […]
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Puerto Rico’s self-employed individuals with staff now eligible for up to $1,500 incentive
March 31, 2020
The Department of Economic Development and Commerce and the Treasury Department have reached an agreement so that those people who do business individually and have employees may receive an economic incentive of up to $1,500 — the same as a small and medium-sized company — to compensate for losses related to the COVID-19 emergency. The […]
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Treasury waives taxes on eligible aid payments, retirement & IRA account cash-outs
March 31, 2020
Puerto Rico Treasury Secretary Francisco Parés announced the approval of provisions on qualified payments for aid that employers grant to their employees, and special Retirement Plans and Individual Retirement Accounts cash-outs, given the state of emergency caused by the COVID-19 outbreak. He said the benefits are outlined in the documents, exempting employers from paying taxes […]
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