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BP could reap billions of dollars in tax credits from oil spill settlement
George Talbot
on October 18, 2012 at 9:11 AM, updated October 18, 2012 at 7:16 PM
[snip]
The total fine paid by BP could reach $21 billion or more ? generating a nice headline for the Obama administration. But check the fine print. The settlement could include hidden subsidies that make the true amount substantially less.
Specifically, the agreement may shift more of the penalties into Natural Resource Damages assessments ? which are tax deductible ? and away from the Clean Water Act, which carries a tax rate of up to 35 percent...
BP could reap billions of dollars in tax credits from oil spill settlement
George Talbot
on October 18, 2012 at 9:11 AM, updated October 18, 2012 at 7:16 PM
[snip]
The total fine paid by BP could reach $21 billion or more ? generating a nice headline for the Obama administration. But check the fine print. The settlement could include hidden subsidies that make the true amount substantially less.
Specifically, the agreement may shift more of the penalties into Natural Resource Damages assessments ? which are tax deductible ? and away from the Clean Water Act, which carries a tax rate of up to 35 percent...