Business news with words american+corporate+tax. 2 news.

Bob Lutz was hired by General Motors to give its cars some much-needed sparkle. It seems to be working FOR a man whose company has just recorded one of the largest quarterly losses in American corporate history, Bob Lutz, vice-chairman and chief of product development at General Motors (GM), seems remarkably chipper. Most of the $39 billion third-quarter loss stemmed from a $38.6 billion write-down of tax credits that does not affect GM's cash position. But the decision to make the write-down is a sign that despite record revenues and two years of restructuring in North America, cutting tens of thousands of jobs, GM is still struggling to make profits from its automotive operations. By his own admission Mr Lutz is not the best person to talk about GM's accounting policies. But he is convinced that GM is now firmly back on track. The reason? For the first time since the 1960s, it is making great cars again. The cigar-chomping 75-year-old former Marine fighter pilot was hired by Rick Wagoner, GM's boss, to do just one thing: transform the appeal of the cars it sells. Six years on, Mr Lutz thinks his work is finally bearing fruit.

Birmingham's Industrial Development Board Monday unanimously approved amending American Pipe and Supply Co. Inc.'s tax abatement agreement for its new corporate headquarters to account for a change in the site's ownership structure.