Puerto Rico's Government Development Bank said on Thursday it had filed a bill to shore up the finances of the territory's highways and transportation authority, which would include boosting the excise tax charged on crude oil to $15.50 per barrel.
The legislation would also pump up funding for the island's infrastructure financing authority so it could assume or refinance certain highway and transportation debts, according to the GDB.
The tax increase is expected to generate an additional $178 million in revenue per year, The GDB said. (Reporting by Lisa Lambert; Editing by James Dalgleish)
Puerto Rico bill would shore up finances of transportation authority
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