Sunday, November 10, 2024
Hawai'i Free Press

Current Articles | Archives

Tuesday, October 27, 2015
DoTax Mood Swings Put Extra $8M in Rail Coffers
By News Release @ 12:55 AM :: 5063 Views :: Rail, Taxes

HART receives $64.8 million in GET revenue for rail construction

News Release from City and County of Honolulu, October 26, 2015

The Honolulu Authority for Rapid Transportation (HART) will receive $64.8 million in General Excise and Use Tax (GET) surcharge revenue for this past quarter, bringing the total GET collections to date to $1.58 billion.

The latest GET installment, which covers the months of July, August and September, was $8.3 million higher than what was estimated for the quarter based on the project’s Financial Plan.

“While this quarter’s GET installment is good news, we are mindful of the fact that our overall GET revenue collections remain $30.5 million below projections,” said HART Executive Director and CEO Dan Grabauskas. “Although that shortfall amounts to roughly 1 percent of our overall budget, on a project of this size it is significant.”

The half-percent GET surcharge for Oahu, which by law can only be used for the rail project, began in January 2007.

  *   *   *   *   *

See-saw tax revenue collections puzzle Honolulu rail officials

Star-Adv: Officials overseeing Honolulu’s rail tax revenues continue to be confounded by the project’s revenue collection, whose performance has see-sawed from quarter to quarter. 

Rail officials announced Monday that for the months of July, August and September the transit project will receive $64.8 million from Oahu’s general excise tax surcharge to fund construction. That’s $8.3 million more than what the Honolulu Authority for Rapid Transportation had expected to take in for the quarter, based on the project’s financial plan.

It also represents a positive swing when compared to the equally negative swing in the previous quarter. For April, May and June GET revenues were exactly $8.3 million below what was projected in the financial plan, according to HART.

In the two quarters before that, rail’s GET revenues came in more than $1 million and $9 million above what the financial plan had projected, respectively. State Department of Taxation officials have pointed to a lag in processing tax returns as a key reason for the swings. HART officials, meanwhile, said Monday that they still don’t fully understand what’s causing the swings.

Despite all the fluctuating, GET collections for rail remain overall $30.5 million below projections. HART officials further expect that gap in collections to swell to $100 million by the end of construction.

read ... DoTax Mood Swings

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii Military History

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Together

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

July 4 in Hawaii

Land and Power in Hawaii

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

MentalIllnessPolicy.org

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Parents Org Hawaii

NFIB Hawaii News

NRA-ILA Hawaii

Obookiah

OHA Lies

Opt Out Today

Patients Rights Council Hawaii

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

RailRipoff.com

Rental by Owner Awareness Assn

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

School Choice in Hawaii

SenatorFong.com

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii