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Congress Aims to Block BP Tax Credit Claim

August 3, 2010

Lawmakers are considering various ways to keep BP from claiming a massive tax write-off for its oil spill cleanup and damage expenses.

Three separate bills have been proposed in the House alone to prevent BP from shifting the costs indirectly to taxpayers. House Speaker Nancy Pelosi, D-Calif., and the Senate Finance Committee are also reportedly considering ways to make sure BP pays for the oil spill costs without deducting them as business expenses, according to The Hill. The company said last month that it planned to set aside $32.2 billion for expenses related to the oil spill, which could allow it to slash $9.9 billion from its tax bill.

A number of lawmakers are rightly unhappy about such a possibility. Let’s hope they put a static kill on that junk shot.

Comments (1)
Wait, you want BP to pay for the clean up and then you don't want them to get a deduction for the cost. How discriminatory is that? We cannot allow congress to write punitive tax law.
Posted by | Wednesday, August 04 2010 at 8:30AM ET
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