TAX NEWS - 2010

Honolulu Tax: Honolulu transit tax generates $8M in May 2010

HONOLULU -- The state Department of Taxation says Honolulu's transit tax generated more than $8 million in May, compared with nearly $15 million in May of last year.

Last month's take was the lowest amount collected since February 2007, when a little more than $2 million was collected during the second month the surcharge was in effect. The target monthly average for the tax is $14.5 million.

The tax that went into effect in January 2007 has raised a total $517 million for the planned $5.5 billion commuter rail system from Kapolei to Ala Moana.

Mayor Mufi Hannemann said earlier this week that the city has collected 99.6 percent of what it wanted for the project.