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Aid to American Motors Opens Pandora Box for Tax Breaks
New York AP reports American Motors Corp, mired in a $75.8 million annual loss, may receive a second loan extension totaling $60 million while Congress approves a unique tax rebate worth up to $20 million. Banks extended the original $95 million loan last year and likely will again. The measure allows applying current losses to taxes paid in the prior five years, a benefit no other company can obtain. Critics warn it could invite similar rebates for others, raise questions of fairness, and strain tax courts. American Motors employs about 28,000 workers and supports 2,500 dealers amid looming bankruptcy threats.
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