taxes


REPORT: New GM entitled to $16 billion in federal tax breaks courtesy of Old GM

Due to what appears to be a slight (additional) bending of the rules, the "new," post-bankruptcy General Motors has been allowed to carry the $16 billion net operating loss that was created by the "old" GM. That means that New GM will not have to pay taxes on its profits for a while, because the profits can be written off by the losses. The issue is that the move, called a "tax-loss carry forward," isn't supposed to be available to the automaker. The tax code contains provisions that prohibit a profitable company from buying an unprofitable ... Read more →

Doh! Dealers learn Cash for Clunkers rebates count as taxable income Alex Nunez

As you're aware by now, yesterday's big news was H.R. 3435, the emergency legislation passed by the House of Representatives authorizing an additional $2B for the CARS scrappage scheme. As had been ...

REPORT: Dealers may have to pay taxes on Cash for Clunkers rebates Sam Abuelsamid

Nothing is ever as simple as it seems. One prime example is the government's newly minted "Cash for Clunkers" program, or CARS (Car Allowance Rebate System) that launched yesterday. As the rebate ...

Oregon considers taxing mileage, not gas Jonathon Ramsey

Oregon ran a pilot program in 2006 and 2007 that fitted 300 cars with GPS receivers, which kept track of the cars' mileage. The receivers also kept records of when the cars were on the road, noting ...

Road commission calls for gas tax hike Jonathon Ramsey

A gas tax is about more than putting liquid into your tank and subtracting a higher amount from your bank account. A gas tax is -- just like CAFE and hybrids and $25 billion set aside to finance fuel ...

It's not just California: Michigan wants to raise the gas tax, too 11 months ago on Autoblog

California isn't the only one taking aim at the pumps in an effort to raise state revenue. The Michigan state legislature is also proposing a hike in its gas tax that could potentially make its gas taxes the highest in the nation. The current nineteen cent per gallon tax on gas, and fifteen cent ...

California legislature passes budget with a $0.39 per gallon gas "user fee" 11 months ago on Autoblog

California hasn't been able to borrow money for months, and according to the state's treasurer, it will run out of money in February or March if it doesn't pass a budget and get some income flowing. The majority Democratic legislature has sent Governor Schwarzenegger a budget that contains a suite ...

New York considering 5% luxury tax on expensive cars 1 year ago on Autoblog

New York Governor David Paterson needs to close a $15.4-billion budget deficit, and has proposed 88 new fees and taxes to do it. One of them is aimed at New York car buyers: a 5% tax on all cars sold for $60,000 or more. Notice the phrasing "sold for," not "MSRP of". That means if you add $8,001 in ...

FoMoCo sues feds for $445m in overpaid taxes 1 year ago on Autoblog

The idea of having Uncle Sam come after you for back taxes is an unpleasant thought for any American. It's another story altogether when the feds are the ones doling out the Benjamins, though, as Ford is learning. The Blue Oval is officially suing the government for $445 million in overpaid taxes ...

Protection for Proton by Malaysian government ends 1 year ago on Autoblog

The Malaysian government has decided to end its protection of Malaysia's Proton Motors. In addition to the import duties and taxes levied against foreign carmakers, Proton was also the recipient of tax breaks and "other government incentives." The decision could be seen as a blow to Proton, but ...

Mulally not proposing a gas tax - but he's not against it 2 years ago on Autoblog

The hallmark of the environmental debate is that there are so many important players on so many different sides. Eminent scientists and intellectuals have taken every side of the debate, challenging their eminent colleagues. When it comes to the two most involved and highly charged players, the ...

Congressman wants to close SUV tax loophole 3 years ago on Autoblog

Congressman Ed Markey (MA) has released a new report entitled Tipping the Scales to coincide with a bill titled H.R. 5579, the No Special Subsidies for Gas Guzzlers Act. The report focuses on the tax loophole that exempts people purchasing an SUV from paying a gas-guzzler tax, which is normally ...

Ford sets up hybrid hotline for tax season 3 years ago on Autoblog

Since you’re paying a premium for that hybrid in the garage it’s important to get back every penny of that purchase you’re entitled to. If you purchased either a Ford Escape or Mercury Mariner Hybrid this year (or any other automaker’s hybrid), next year you’ll be able ...

PSA: Still time for the U.S. hybrid tax credit 3 years ago on Autoblog

Looking for an easy tax credit? Look no further than the U.S. tax credits for hybrid vehicles. While the program's days are numbered, our friends over at Treehugger tell us that the program isn't extinct yet. 60,000 vehicles is the magic number of hybrid each manufacturer can sell ...






Autoblog Podcast #157: Mike Levine trucks along with us.

Mike Levine from PickupTrucks.com joins Chris, Sam, and Dan this week and gets a chance to talk about cars, too! 

 
 

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