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BP could reap billions of dollars in tax credits from oil spill settlement

AL.com -- BP, which caused the biggest environmental catastrophe ever seen on U.S. shores, may be poised to receive the biggest tax break in American history as a result of it.

The British oil company already has claimed $10 billion in tax credits from the 2010 disaster, caused when its Deepwater Horizon drilling rig exploded and spewed millions of gallons of oil into the Gulf of Mexico.

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Submitted Oct 19, 2012 By: NOTSOGRN
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: BP could reap billions of dollars in tax credits from oil spill settlement Post a Reply Back to Topics
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96
Rookie Author Appleton

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Message Posted: Oct 21, 2012 10:04:04 PM
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GREED
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jrs4125
Champion Author Indiana

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Message Posted: Oct 20, 2012 11:17:19 PM
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They still need the money.
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jrs4125
Champion Author Indiana

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Message Posted: Oct 20, 2012 11:50:33 AM
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They need the money.
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WalRus49
Champion Author Boston

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Message Posted: Oct 20, 2012 5:59:52 AM
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More organized mayhem and pillage.....................
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CCLighthouse
Champion Author Hartford

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Message Posted: Oct 19, 2012 9:29:37 PM
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I could hardly get past the 4th paragraph in the full article. W H A T ! No way Jose' ! We can drill in their place off our own shore and keep the crude for our own consumption! ; I
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us4usa
Champion Author Missouri

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Message Posted: Oct 19, 2012 9:26:51 PM
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Too many lawyers in DC...
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Bubba44612
Champion Author Ohio

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Message Posted: Oct 19, 2012 9:17:29 PM
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We are all going to pay for that.
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mrbee
Champion Author Little Rock

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Message Posted: Oct 19, 2012 9:13:32 PM
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Hope not.
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garman87
Champion Author Austin

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Message Posted: Oct 19, 2012 9:12:27 PM
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This was a business disaster; not a business trip.
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frostyWV
Champion Author West Virginia

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Message Posted: Oct 19, 2012 9:12:06 PM
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something is seriously wrong if you can get tax credits for a disaster you caused.
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drz614
Champion Author Harrisburg

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Message Posted: Oct 19, 2012 9:11:46 PM
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if holder is involved, the decision will b wrong
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cssco
Champion Author Virginia

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Message Posted: Oct 19, 2012 9:09:19 PM
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With any luck at all Holder is on the way out.
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Shakleelady31
All-Star Author Fort Wayne

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Message Posted: Oct 19, 2012 9:08:04 PM
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Hmmmmm.
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F81M
Champion Author Indiana

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Message Posted: Oct 19, 2012 9:07:25 PM
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Pretty much sounds like BS.
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txkrb
Champion Author Texas

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Message Posted: Oct 19, 2012 9:07:05 PM
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As a tax accountant I can tell you there are NO tax credits for fines and clean-up costs
But the clean-up cost are deductible as business expenses, just like any other business expense
Most fine and penalties are not deductible, I do not know that the Justice department can override tax regulation and allow the deduction of penalties on the corporations federal tax return
but with government bureaucracy etc who knows

[Edited by: txkrb at 10/19/2012 10:07:15 PM EST]
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BrucePen
Champion Author Ontario

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Message Posted: Oct 19, 2012 9:05:52 PM
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That is just wrong!
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AKmailman
Champion Author Alaska

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Message Posted: Oct 19, 2012 9:04:26 PM
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is this what they mean by " money for votes" ?
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Sarge10
All-Star Author Detroit

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Message Posted: Oct 19, 2012 9:03:57 PM
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Why don't we just bend over, while we're at it!!
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SavALot
Champion Author Virginia Beach

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Message Posted: Oct 19, 2012 9:02:04 PM
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BP reaps the benefits? How is that possible???
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StArrow68
Champion Author Oakland

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Message Posted: Oct 19, 2012 9:01:30 PM
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What's really sad is that folks either don't read the article or don't understand it. There are no tax credits! The administration controls if the payments are tax deductable, their choice. Now we see what this administration can do, why am I not too happy?
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yakstar
Champion Author Montreal

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Message Posted: Oct 19, 2012 9:01:14 PM
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sweet b jesus!
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Gas Thirsty
Champion Author Los Angeles

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Message Posted: Oct 19, 2012 8:59:58 PM
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There are still unfinished work to be done in the Gulf area. Make BP accountable.
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Gas Thirsty
Champion Author Los Angeles

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Message Posted: Oct 19, 2012 8:59:03 PM
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This is so wrong.
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DABEE1073
Champion Author San Diego

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Message Posted: Oct 19, 2012 8:55:44 PM
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THAT IS GOOD. THEY REALLY, REALLY NEED THE MONEY.
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raj_fl
Champion Author Trenton

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Message Posted: Oct 19, 2012 8:49:22 PM
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another mitt rommeny pinch
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raj_fl
Champion Author Trenton

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Message Posted: Oct 19, 2012 8:49:04 PM
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mmmm another mitt rommeny deal
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MG_Sputnik
Champion Author Philadelphia

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Message Posted: Oct 19, 2012 8:48:36 PM
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That's great. Screw up the environment and get paid for it!
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knot2swift
Champion Author Calgary

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Message Posted: Oct 19, 2012 8:48:18 PM
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Somehow this appears as an article that says "We lose in the long run".

Someone say it ain't so!!!!!
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MDTDriver
Champion Author California

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Message Posted: Oct 19, 2012 8:46:30 PM
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I hop it does not come from the USA!!
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darkknight1
Champion Author Winston-Salem

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Message Posted: Oct 19, 2012 8:45:28 PM
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hmmm
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ericbcire
Champion Author Nevada

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Message Posted: Oct 19, 2012 8:42:44 PM
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This settlement must be the "investment" they keep talking about in their commercials.
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roundtrip100
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Message Posted: Oct 19, 2012 8:42:32 PM
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ok
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Mustache_33
All-Star Author Toronto

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Message Posted: Oct 19, 2012 8:37:03 PM
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hm
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bevmill
Champion Author Georgia

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Message Posted: Oct 19, 2012 8:35:27 PM
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That's loop holes for you/
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YodaON
Champion Author Ottawa

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Message Posted: Oct 19, 2012 8:35:22 PM
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big business always seem to win
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jl1rp
Champion Author New Hampshire

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Message Posted: Oct 19, 2012 8:35:09 PM
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pay big fine and then get a tex credits to write off part of it. System is broken.
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36IHBinder
Champion Author Illinois

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Message Posted: Oct 19, 2012 8:34:21 PM
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The rich get richer
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libertyut
Champion Author Utah

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Message Posted: Oct 19, 2012 8:31:49 PM
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The Election is less then 3 weeks away.
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gasmack
Champion Author Ventura

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Message Posted: Oct 19, 2012 8:31:39 PM
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Not frackin' fair. HEADS SHOULD ROLL!
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humancry
Champion Author Michigan

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Message Posted: Oct 19, 2012 8:31:01 PM
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There you go you knew they would make out...
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thirstyauto
Champion Author Milwaukee

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Message Posted: Oct 19, 2012 8:29:57 PM
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The fact that they will get a credit for this is dumbfounding!!
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splitrman
Champion Author Victoria

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Message Posted: Oct 19, 2012 8:29:06 PM
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They should not be able to claim the losses if they were the cause of the loss in the first place. It dosen't make sense.
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altima2008
Champion Author Philadelphia

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Message Posted: Oct 19, 2012 8:28:12 PM
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another reason to hate bp even more!
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CampKohler
Champion Author Sacramento

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Message Posted: Oct 19, 2012 8:26:14 PM
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You guys just don't understand why you deduct expenses on taxes. If you make $100 and spend $40 to do it, you only pay taxes on the profit, $60. You don't pay tax on the $40 because you didn't get to keep it as income. It's INCOME tax, not money-I-saw-flying-through-the-air-nearby tax.
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kcboy
Champion Author Utah

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Message Posted: Oct 19, 2012 8:25:40 PM
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They should not get it.
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nimpy
Champion Author Indianapolis

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Message Posted: Oct 19, 2012 8:24:08 PM
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This should go to all on the gulf that lost millions of dollars
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zonernovi
Champion Author Michigan

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Message Posted: Oct 19, 2012 8:24:01 PM
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get rid of tax loopholes
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boatcrazyinme
Champion Author Maine

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Message Posted: Oct 19, 2012 8:22:25 PM
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same old crap,the rich always come out on top!!!!!!!!!!!
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TheDix
Champion Author Ontario

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Message Posted: Oct 19, 2012 8:20:57 PM
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Untrue.
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bbreff
Champion Author Atlanta

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Message Posted: Oct 19, 2012 8:19:20 PM
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That figures
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