HONOLULU (AP) — Honolulu’s planned rail line drew significantly fewer state tax dollars than expected this past quarter. ADVERTISING HONOLULU (AP) — Honolulu’s planned rail line drew significantly fewer state tax dollars than expected this past quarter. The project received
HONOLULU (AP) — Honolulu’s planned rail line drew significantly fewer state tax dollars than expected this past quarter.
The project received $52.3 million in rail taxes during the quarter that ended June 30. That’s more than $8 million short of the amount that had been projected.
The shortfall nearly wipes out promising gains made in the previous two quarters and leaves rail officials confounded at what to expect in the future.
State Department of Taxation officials say a lag in processing tax returns has contributed to the swings.
The rail project faces a budget shortfall of as much as $910 million. Transportation officials cite struggling revenues and rising construction costs for the shortfall.
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