HART to receive $56 million in get revenue for rail construction
News Release from City and County of Honolulu July 22, 2016
The Honolulu Authority for Rapid Transportation (HART) will receive $56.3 million in General Excise and Use Tax (GET) surcharge revenue for the second quarter of calendar year 2016.
The quarterly installment of GET surcharge revenue covers the months of April, May and June, and is about $7 million dollars less than was forecasted for the quarter based on the project’s current financial plan. HART is presently updating the financial plan and project budget.
HART has now received a total of $1.75 billion in surcharge revenue for the rail project. Overall surcharge revenue is tracking about 1.3 per cent below projections, which amounts to roughly $44 million less than projected.
The half-percent GET surcharge for Oahu, which by law can only be used for the rail system, was first levied in January 2007. The surcharge revenue is expected to fund more than 70 percent of the project’s costs. The remaining balance is to be paid using federal funds.