HART to Receive $63.7 Million
in GET Surcharge Revenue for Rail Project
The Honolulu Authority for Rapid Transportation (HART) has been
informed by the state tax department that it will receive more than
$63.7 million in General Excise and Use Tax (GET) surcharge revenue
this quarter.
The $63,791,074 collected for the project from July through
September marks the highest quarterly total received by HART to
date.
“We now have a total of $1.14 billion in surcharge revenue
collected for rail. This quarter’s revenue is the largest amount of
GET funding for the project since collections began,” said HART CEO
and Executive Director Daniel Grabauskas. “Strong GET surcharge
revenue coupled with the $1.55 billion in federal funding that we
secured last year is keeping us on the right track to deliver the
project on budget.”
HART Board Chairman Ivan Lui-Kwan said he was pleased with the
strong revenue report. “One of the most important functions of any
project is ensuring that funding is secure. With our federal Full
Funding Grant Agreement now in place and with strong GET revenues,
the rail project is on solid financial footing,” Lui-Kwan said.
The half-percent GET surcharge for Oahu, which by law can only
be used for Honolulu’s 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 using federal funds.