N.J. city owes Chevron millions in taxes
PERTH AMBOY, N.J. — A New Jersey city has concurred to refund Chevron almost $8 million for overpaid property taxes from 2007 to 2010.
However, Perth Amboy doesn’t have the cash in its bank accounts. The City Council is set to seek say approval to borrow the money.
City officials concurred to the settlement two months before the case was scheduled to go to trial because of the potential for a higher award and legal costs.
Perth Amboy Business Administrator Gregory Fehrenbach told The Homes News Tribune of East Brunswick the city believes it’s a fair settlement.
In late April, Chevron reported earnings of $6.2 billion for the first quarter of 2011, up from $4.6 billion in the first quarter of 2010, according to a company press release.
The Associated Press contributed to this report.
More source:
N.J. city owes Chevron millions in taxes - Business - Personal ...Chevron facing more taxes on Richmond refinery - CBS News
As in Richmond, refineries throughout the country dispute property tax
Chevron Corporation - Wikipedia, the free encyclopedia
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Submited at Tuesday, May 10th, 2011 at 8:01 pm on Finance by Alina
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