As Hawaii lawmakers near the half-way point of the legislative session, Gov. Neil Abercrombie‘s major revenue-generating proposals have mostly flopped.

A Civil Beat analysis of the governor’s major tax hikes shows the latest versions of his tax measures would bring in only $116 million of a projected $540 million — off by $424 million or nearly 80 percent.

The situation has led the chair of the House Finance Committee, Marcus Oshiro, to warn that the current versions of the tax measures will not fix the state’s $800 million deficit and will require expense cuts.

“If any of these revenue measures fail, cuts will be deeper,” Oshiro said Tuesday.

The Abercrombie administration had hoped to add about $540 million in new revenues through its major tax proposals, numbers outlined in the revised budget Abercrombie released on Feb. 21.

Lawmakers have gutted the administration’s plans to tax pension income, repeal the state income tax deduction and up the Transient Accommodations Tax on timeshares. They’ve completely nixed the plan to levy a soda tax. But they’ve kept Abercrombie’s proposal to increase the alcohol tax mostly in tact.

The difference between Abercrombie’s plan and legislative reality is even greater if you factor in the rejection of one of the governor’s biggest cost-saving proposals: the elimination of Medicare Part B reimbursements.

Here’s a breakdown of the numbers.

Tax Pension Income

How much the Abercrombie administration hoped to gain: $225 million total for fiscal 2012 and 2013.

How much HB 1092 A proposes to gain: $34 million total for fiscal 2012 and 2013.

Bottom line: Off by $191 million.

Repeal State Income Tax Deduction

How much the administration hoped to gain: $143 million total for fiscal 2012 and 2013.

How much HB 1092 A proposes to gain: $36 million total for fiscal 2012 and 2013.

Bottom line: Off by $107 million.

Raise Alcohol Tax

How much the administration hoped to gain: $40 million total for fiscal 2012 and 2013.

How much SB 1289 proposes to gain: $40 million total for fiscal 2012 and 2013.

Bottom line: On target for $40 million.

Impose a Soda Tax

How much the administration hoped to gain: $75 million total for fiscal 2012 and 2013.

How much SB 1289 proposes to gain: $0.

(The governor’s proposal rolled the alcohol tax and soda tax into one bill. The Senate removed all references to the soda tax from SB 1289. The House version, HB 1062 was never scheduled for a hearing.)

Bottom line: Off by $75 million.

Raise TAT on Timeshares

How much the administration hoped to gain: $58 million total for fiscal 2012 and 2013.

How much HB 809 proposes to gain: $6 million total for fiscal 2012 and 2013.

(The administration’s initial plan — original version of HB 1092 — proposed increasing the TAT rate as well as modifying the definition of the base on which this tax is paid — the “fair market value” — from 50 percent to 150 percent of the gross daily maintenance fees that are paid by the owner. The latest version of HB 809 proposes only increasing the TAT on timeshare units by 2 percentage points through June 2015.)

Bottom line: Off by $52 million.

Eliminate Medicare Part B Refunds

How much the administration hoped to save: $88.5 million total for fiscal 2012 and 2013.

How much HB 1041 proposes to save: $0.

(The governor’s original plan would eliminate the reimbursements for all current and future retirees and their spouses, affecting a total of 30,140 current pensioners and their spouses. The latest version of the bill would end the reimbursements only for employees hired after July 1. Current retirees and employees with at least 10 years of service who are vested, would continue to receive the reimbursements. State employees with less than a decade of service would get a percentage of reimbursements up to 90 percent. If passed, the state would not see any savings until employees hired after July retire.)

Bottom line: Off by $88.5 million.