General Motors says it is unable to comment on reports it will not have to pay US federal taxes on up to US$50bn of profits for 50 years.

The reports have been circulating in the US media and follow the manufacturer’s announcement yesterday to go ahead with a US$13bn public share offering.

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The IPO is a key part of plans to repay the US government’s US$50bn bailout for the then bankrupt company in 2009.

However, a GM spokesman in the US told just-auto: “We are not in a position [to] make any comments on that.”

A financial spokeswoman for GM also told just-auto the IPO announcement prohibited the company from making any further statements.

“We are under Securities and Exchange Commission guidelines and are not able to comment,” she said.

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“The IPO date has not been communicated yet – we can’t comment on anything that is speculative.”