Rail tax surcharge surpasses forecast
HONOLULU - A surcharge on the state's general excise tax generated more money than expected last quarter for Honolulu's planned rail line.
The Honolulu Authority for Rapid Transportation said in a news release Monday that the project received just more than $49 million in general excise tax surcharge revenue from October through December.
That's about one-third more than the nearly $37 million estimated in the project's financial plan.
The revenue lifts the total collected from the surcharge to more than $810 million.
Since 2007, Oahu transactions are taxed by a surcharge on top of the state's general excise tax.
The surcharge amounts to a half-cent for every dollar spent. The revenue is to be used exclusively for Honolulu's planned rail transit project.