Michigan may owe GM $116M in tax refunds
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Joined: Sep 2002
Posts: 9,705
From: Oakland, California
Michigan may owe GM $116M in tax refunds
Anyone think there's a chance GM sees any of it?
http://news.moneycentral.msn.com/pro...421&id=9822337
April 21, 2009 2:13 PM ET
LANSING, Mich. (AP) - General Motors Corp. may get tax refunds totaling $116 million after a judge ruled for the automaker in its dispute with the state.
Ingham County Circuit Judge Rosemarie Aquilina on Friday declared unconstitutional a 2007 Michigan law that retroactively made GM pay use taxes on vehicles driven by employees for testing and marketing.
The automaker claimed it unnecessarily paid taxes on demonstration vehicles for more than a decade.
The Department of Treasury denied GM's request for refunds, pointing to the 2007 law.
The judge ruled GM is exempt from paying use taxes on vehicles used for demonstration purposes. She next will determine what GM is owed.
Aquilina faulted lawmakers for passing the bill without committee hearings to avoid public scrutiny.
LANSING, Mich. (AP) - General Motors Corp. may get tax refunds totaling $116 million after a judge ruled for the automaker in its dispute with the state.
Ingham County Circuit Judge Rosemarie Aquilina on Friday declared unconstitutional a 2007 Michigan law that retroactively made GM pay use taxes on vehicles driven by employees for testing and marketing.
The automaker claimed it unnecessarily paid taxes on demonstration vehicles for more than a decade.
The Department of Treasury denied GM's request for refunds, pointing to the 2007 law.
The judge ruled GM is exempt from paying use taxes on vehicles used for demonstration purposes. She next will determine what GM is owed.
Aquilina faulted lawmakers for passing the bill without committee hearings to avoid public scrutiny.
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Joined: Jul 2004
Posts: 1,496
From: Roseville, MI, USA
But would the state really have to repay it if "General Motors" goes bankrupt? I'm sure if they do the state would sue to block the payment citing the company now being bankrupt.
Truthfully through, it doesn't matter what the judge rules. You're talking about two broke companies, GM and the State of Michigan. I'll venture a guess and say even IF a Judge rules the State owes GM they won't get it because of the poor financial position the state is in.
Truthfully through, it doesn't matter what the judge rules. You're talking about two broke companies, GM and the State of Michigan. I'll venture a guess and say even IF a Judge rules the State owes GM they won't get it because of the poor financial position the state is in.
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Joined: Mar 2001
Posts: 13,713
From: The Golden State
It took not much more than that much for Holden to create the WM Statesman off of the VE Commodore.
Creating the Holden Monaro cost just over half that much, and turning the Monaro into the GTO cost that same amount again.
The development of the Pontiac Solstice most likely cost that much.
That's also the cost of a real good advertisement campaign.
...Then again, it's also less than 1/10 the cost of a typical North America new car program.
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Joined: Jan 2000
Posts: 1,512
From: Miami, FL, US
Every penny counts when things are tight... actually every penny counts NO matter WHAT. So let's hope they do get a check.. and use it on something that will turn itself into a lot more...
basically I hope the use that money on something else other than the VOLT.
basically I hope the use that money on something else other than the VOLT.
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