HART SET TO RECEIVE NEARLY $47 MILLION IN GET COLLECTIONS FOR
RAIL
The Honolulu Authority for Rapid Transportation will receive
nearly $47 million in General Excise and Use Tax (GET) revenue
collected during the second quarter of 2012.
The $46.99 million collected from April-June 2012 brings the
total GET revenue received for the Honolulu rail project to
$905.72 million.
“Passing the $900 million mark in GET-generated revenue shows
that the financial picture for our rail project remains
strong,” said HART CEO and Executive Director Dan Grabauskas.
“Our solid local funding source positions us well with the
federal Transit Administration as we wait for word on the
approval of our $1.55 billion in federal money through the
Full Funding Grant Agreement.”
The half-percent GET surcharge dedicated only to the Honolulu
rail system began in January 2007 and is set to expire at the
end of 2022. The surcharge is estimated to fund nearly 70
percent of the project’s cost, with the remaining balance to be
paid for by federal funding.