31 Dec '17, 4am

@Slate 2016: BP takes Colorado to court and wins millions in tax breaks

@Slate 2016: BP takes Colorado to court and wins millions in tax breaks

It’s not too often one comes across a brand-new fossil fuel handout in 2016, but the Colorado Supreme Court just delivered the oil and gas industry a fat one. In a case pitting BP against the state’s Department of Revenue, the Court decided in late April to authorize some hefty tax deductions for the oil and gas giant. Taxpayers are now on the hook for up to $100 million in payments to BP and other companies this year — and since the ruling sets a precedent, they’ll take the hit in perpetuity. As a company extracting natural resources in Colorado, BP must pay a severance tax to the state. However, natural gas extractors are allowed to deduct costs they can attribute to “transportation, manufacturing, and processing.” In the case, originally filed in 2005, BP argued that foregone dollars that the company “could have earned had they invested in other ventures rather than in ...

Full article: http://grist.org/article/bp-takes-colorado-to-court-and-w...

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