02-25-2009, 11:19 AM | #1 |
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Dealership asks for Tax Breaks to Survive
A dealership in Forest Park, IL has approached their Village Council and requested a Sales Tax Revenue Sharing plan to keep the dealership viable.
The request to the Village Council cited some sobering losses that the dealership's have faced over the past year: "Our Forest Park Chrysler store has lost $462,806 in the last 12 calendar months," Jankelow said in a Feb. 10 letter sent to Mayor Anthony Calderone. "Our Chevrolet dealership has lost $319,099 since September, and last month alone lost $80,000." Even a well capitalized dealership would have difficulty sustaining losses of $80K per month. Based on the news report, it appears there's a precedent for tax incentives granted to car dealers: An incentive program reached in 1997 with Gleason Dodge returned 60 percent of the first $200,000 in annual sales tax to the company, according to the village's 2007 audit. On all amounts beyond the $200,000 threshold, the company gets a rebate of 75 percent. As of April 30, 2007, the village had returned $647,648 to the company. Here's a link to the news report: http://forestparkreview.com/main.asp...89&TM=83217.55 |
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