Tax Break Considered for Oldsmobile Dealers
A tax break designed for Oldsmobile dealers gives them an opportunity to get a break on the money General Motors is paying to eliminate their franchises, Automotive News reported.
A tax break designed for Oldsmobile dealers gives them an opportunity to get a break on the money General Motors is paying to eliminate their franchises, Automotive News reported.
The tax break has been supported by the National Automobile Dealers Association since 2001 and it is now part of broader trade legislation. The Senate passed this version, but the House passed an earlier version that did not include the Oldsmobile provision.
The payments are based on a formula and range from less than $10,000 to several million dollars, Bill Stacy, director of the Oldsmobile transition for GM, told Automotive News. He added that sales volume is the main determiner of payments.
More than 96 percent of Oldsmobile dealers have signed termination agreements and were given the option to take a lump sum of money or receive installments, Stacy said.
If the legislation is passed, dealers could file amended returns for the taxes paid on GM money. Payments received longer than three years ago are typically not eligible for amended returns, said Rob Braziel, a lobbyist for NADA, to Automotive News.
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