May 2, 2012

Honolulu rail authority to receive $48M in tax funds

The Honolulu Authority for Rapid Transportation (HART) is set to receive $48.25 million in General Excise and Use Tax (GET) revenue for the first quarter of 2012.

The new HART funds will bring total GET revenue received to date for the rail project to $858.73 million, about $8 million more than projected.

The $48.25 million in current quarterly revenue is slightly less than the $49.02 million in GET revenue received in the previous quarter, but overall revenue remains strong.

The state began collecting the half-percent GET dedicated to the Honolulu rail system in January 2007. The GET for rail is set to expire at the end of 2022.

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