Report: General Motors eligible for a tax break of up to $45B

Filed under: GM, Earnings/Financials

They say that only certain things in life are death and taxes. General Motors already escaped one of the two, and now it's getting a big break on the other - as part of GM's restructuring plan, it's eligible for up to $45 billion in tax breaks. Under the Troubled Asset Relief Program (TARP), General Motors can utilizes its pre-bankruptcy losses to offset future tax liabilities. This should provide a large dose of financial help for the automaker, as it goes forward with its IPO and works to pay back the US and Canadian tax-paying public.

[Source: Automotive News - sub. req. | Image: Paul Sancya/AP Photo]

Report: General Motors eligible for a tax break of up to $45B originally appeared on Autoblog on Fri, 05 Nov 2010 17:45:00 EST. Please see our terms for use of feeds.

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Source: http://www.autoblog.com/2010/11/05/report-general-motors-eligible-for-a-tax-break-of-up-to-45b/

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