HONOLULU (AP) - 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 the project received just over $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.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Hawaii News Now
420 Waiakamilo Road, Suite 205
Honolulu, HI 96817
Main (808) 847-3246
News (808) 847-1112