http://news.yahoo.com/s/nm/us_gm_taxbreaks/print

DETROIT (Reuters) – General Motors Co (GM.UL) can get a tax break of up to $45 billion as part of its U.S. government-financed restructuring, documents filed with federal regulators earlier this year showed.

The Wall Street Journal earlier reported that GM would not have to pay federal taxes on up to $50 billion in profits. A later version of this story revised this figure to about $45 billion.

This figure also includes $18.88 billion of carry-forwards, according to the automaker's annual filing from April.

Under the Troubled Asset Relief Program, losses racked up by GM before its government-funded bankruptcy can be used to offset its future tax liabilities.

(Reporting by Deepa Seetharaman, editing by Gerald E. McCormick)

Saw it yesterday. While legal irs deferment of taxes is common in business, to be paid in full at a later date, GM will never have to pay any of the taxes mentioned above as part of the govt deal they got. Revenue lost forever that could have been used to either offset the debt, or provide services to the taxpayers as a whole. So, when GM says how great it's doing, you know who really paid the price for their rotten success.

And you think they would have learned the 1st time.

I wonder if I can do this? I will start a company, go bankrupt, get TARP funds and then not have to pay anything back, ever! Just like nothing happened.

Amazing....Stupid!

quote Originally posted by jaskispyder: I wonder if I can do this? I will start a company, go bankrupt, get TARP funds and then not have to pay anything back, ever! Just like nothing happened. Amazing....Stupid!

Maybe, if you are a large enough voting block.

BTW, we just elected a Republican governor! Hopefully things will change and maybe we will stop being the crutch for the UAW and urban disasters like Detroit and Flint.

quote Originally posted by jaskispyder: BTW, we just elected a Republican governor! Hopefully things will change and maybe we will stop being the crutch for the UAW and urban disasters like Detroit and Flint.

Wasn't the initial deal with GM penned under GW's administration?

quote Originally posted by carnut122: Wasn't the initial deal with GM penned under GW's administration?

Not unless he was still in office June1-July1 2009. The tax immunity came about thru Summers/Geithner/Rattner during the bankruptcy plan.

Bush's only contribution came in the form of a loan in late 2008--(I "think") it was $17 billion split twixt GM/Chrysler. That Bush term loan went with the old GM into bankruptcy and will also never have to be paid back.