30 Nov '15, 12am

BP could claim a massive tax write-off from Deepwater oil spill penalties

In the wake of the 2010 Deepwater Horizon disaster — in which 11 people died and nearly 5 million barrels of oil spilled into the Gulf of Mexico — BP agreed to pay $20.8 billion in penalties to Gulf states and other parties impacted by the disaster. Unless the Department of Justice takes action, BP could be able to claim over $15.3 billion of those penalties as business expenses — securing a tax relief of $5 billion. It’s good to be big business in America. Fortunately, not everyone is having it. Rep. Raúl M. Grijalva (D-Ariz.) led 52 other members of Congress in a letter to Attorney General Loretta Lynch requesting that BP be denied the opportunity to profit off holes in the tax code. It reads, in part: The “gross negligence” that led to perhaps the worst environmental disaster in U.S. history should not be an opportunity to game the tax code. Challenging fiscal choices m...

Full article: http://grist.org/business-technology/bp-could-claim-a-mas...

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