BP to claim $10 billion U.S. tax credit for Gulf oil spill costs
Shared By Pratt’s Pub
I know to a lot of people that this is kind of a shot in the gut. And this may be an unpopular view, but if they are following the tax codes then what is the big deal.
Below is likely just an except of the original article. Please follow the link above to read the full article.
Oil giant BP PLC will reduce its contribution to U.S. coffers by roughly $10 billion due to a tax credit the company is claiming it incurred from the Gulf of Mexico oil spill.
BP said Tuesday that it is incurring a charge of $32.2 billion from the Gulf response, and as such, it is claiming a $9.9 billion taxation credit.
Asked in a conference call Tuesday about whether the company has discussed the tax credit with President Barack Obama’s administration, outgoing BP Chief Executive Tony Hayward said, “We have followed the IRS regulations as they’re currently written.”
White House officials weren’t immediately available for comment. The Internal Revenue Service said it’s not allowed under federal law to discuss individual taxpayer issues.
But the issue may raise red flags among federal officials, particularly in light of recent efforts by various other entities that have settled with the U.S.
Read more: http://www.mcclatchydc.com/2010/07/27/98224/bp-to-claim-10-billion-us-tax.html#ixzz0uvdxYDBy
