Honolulu's rail tax came in $8M short last quarter

HONOLULU — The Honolulu Authority for Rapid Transportation (HART) said the $52.3 million it received from the general excise tax (GET) surcharge in the quarter that ended June 30 was about $8 million less than was forecasted, bringing the light rail project’s total tax revenue shortfall to $39 million, the Pacific Business News reported.

Overall, HART has collected a total of $1.52 billion in surcharge revenue for the rail project, which is about 1.18% below projections. The half-percent surcharge on the state’s 4% GET, which went into effect in January 2007, was scheduled to sunset in 2022 before legislation passed earlier this year extended that date to Dec. 31, 2027. For the full story, click here.