TECH - General Motors Seeks $121M Tax Refund From San Francisco Files Lawsuit | Benzinga
General Motors Co (NYSE:GM) has lodged a lawsuit against the city of San Francisco, seeking a refund of $121 million for overpaid taxes and penalties.
What Happened: GM alleges it was charged higher tax by factoring in its autonomous vehicle subsidiary, Cruise, into the tax assessments, Reuters reported, citing the lawsuit filed at the California Superior Court in San Francisco on Friday.
The Detroit-based automaker is seeking to retrieve about $108 million in overpaid taxes over seven years, in addition to interest and penalties totaling $13 million.
GM maintains that San Francisco-based Cruise operates separately, contributes insignificantly to sales, and hence, should not be considered when determining GM’s tax obligations in the city where it has a limited presence.
“Cruise has an experienced executive leadership team that is separate from GM's leadership team. Cruise also maintains its own ...