In 2007 lawmakers on the island of Oahu voted to increase the general excise tax by half a percent to 4.666% percent to help pay for the Honolulu Rail Project. The increase went into effect in 2010 and from its inception to when the increase expires in December 31, 2022, it was anticipated that the half a percent increase would generate $3.29 billion to help pay for the $5.26 billion transit project.
The Honolulu Authority for Rapid Transportation has just announced that they only received $69 million during the first two quarters of the 2013 fiscal year, a significant decrease from the $102 million that they had expected. Rail officials expressed their concern that this amount is not correct, as the state should have given them more money since general excise tax revenues have increased this year. The state Department of Taxation has announced that they will look into the situation to make sure that the numbers are correct. However, department spokeswoman Mallory Fujitani noted that the state tax officials haven’t found any errors with their accounting.
Source: Honolulu Star Advertiser, 3-2-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
