Quantcast

Tuesday, July 22, 2014         

 Print   Email   Comment | View 2 Comments   Most Popular   Save   Post   Retweet

Rail tax surcharge collections running ahead of projections

By Star-Advertiser staff

POSTED:
LAST UPDATED: 10:28 p.m. HST, Jan 23, 2012



The half-percent excise tax surcharge levied on Oahu residents and visitors has brought in more than $810 million so far to fund the Honolulu rail project, with collections continuing to run ahead of projections, the Honolulu Authority for Rapid Transportation said Monday.

HART received $49.02 million in general excise tax revenue for the three months ending on Dec. 31, which was $12.08 million more than projected in the financial plan for the rail project.

The half-percent excise surcharge took effect in January 2007, and is set to expire at the end of 2022. In all, the tax surcharge is expected to provide more than $3.15 billion for the 20-mile rail project, which is projected to cost $5.27 billion.

The rest of the funding for rail is supposed to come from the federal government. The city is seeking up to $1.55 billion in New Starts construction funding from the Federal Transit Administration, and hopes to secure a final commitment for that funding this fall. Another $244 million for the rail project is being sought through federal Urbanized Area Formula Funding grants.







 Print   Email   Comment | View 2 Comments   Most Popular   Save   Post   Retweet

COMMENTS
(2)
You must be subscribed to participate in discussions
By participating in online discussions you acknowledge that you have agreed to the TERMS OF SERVICE. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. Because only subscribers are allowed to comment, we have your personal information and are able to contact you. If your comments are inappropriate, you may receive a warning, and if you persist with such comments you may be banned from posting. To report comments that you believe do not follow our guidelines, email commentfeedback@staradvertiser.com.
Leave a comment

Please login to leave a comment.
1local wrote:
That is $810 million that could be used for fixing the sewers, water pipes, roads, parks, lowering property taxes, etc...
on January 24,2012 | 05:37AM
Mahea_Honolulu wrote:
Great news. People can finally get out of traffic.
on January 29,2012 | 05:16AM
IN OTHER NEWS
Breaking News