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GM said to be seeking U.S. help to avert $7 billion tax bill

Post Time:Feb 06,2009Classify:Industry NewsView:140

General Motors Corp., the automaker getting $13.4 billion in U.S. aid to avoid bankruptcy, is lobbying Congress to avoid a tax liability of as much as $7 billion, a person familiar with the matter said.

The tax bill may be triggered by GM’s plan to offer equity both in exchange for debt and for health-care obligations to its union workers as part of its restructuring, according to the person, who declined to be identified because discussions about the plan are being pursued privately, according to a Feb. 1 Bloomberg report.

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