GasBuddy News Article

votes

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.

Read the Full Article

Submitted Oct 19, 2012 By: NOTSOGRN

Back To News

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

REPLIES (newest first)Ignore Short Messages

First

Next Last

96 Rookie Author Appleton Posts:90 Points:60,000 Joined:Aug 2012	Message Posted: Oct 21, 2012 5:04:04 PM Ignore 96 Report Abuse GREED
jrs4125 Champion Author Indiana Posts:2,773 Points:594,670 Joined:Sep 2011	Message Posted: Oct 20, 2012 6:17:19 PM Ignore jrs4125 Report Abuse They still need the money.
jrs4125 Champion Author Indiana Posts:2,773 Points:594,670 Joined:Sep 2011	Message Posted: Oct 20, 2012 6:50:33 AM Ignore jrs4125 Report Abuse They need the money.
WalRus49 Champion Author Boston Posts:4,090 Points:871,790 Joined:Nov 2010	Message Posted: Oct 20, 2012 12:59:52 AM Ignore WalRus49 Report Abuse More organized mayhem and pillage.....................
CCLighthouse Champion Author Hartford Posts:1,023 Points:216,930 Joined:Aug 2012	Message Posted: Oct 19, 2012 4:29:37 PM Ignore CCLighthouse Report Abuse 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
us4usa Champion Author Missouri Posts:6,009 Points:1,116,190 Joined:May 2008	Message Posted: Oct 19, 2012 4:26:51 PM Ignore us4usa Report Abuse Too many lawyers in DC...
Bubba44612 Champion Author Ohio Posts:7,411 Points:1,880,005 Joined:Aug 2005	Message Posted: Oct 19, 2012 4:17:29 PM Ignore Bubba44612 Report Abuse We are all going to pay for that.
mrbee Champion Author Little Rock Posts:3,773 Points:2,469,510 Joined:Oct 2005	Message Posted: Oct 19, 2012 4:13:32 PM Ignore mrbee Report Abuse Hope not.
garman87 Champion Author Austin Posts:3,266 Points:2,377,415 Joined:Aug 2005	Message Posted: Oct 19, 2012 4:12:27 PM Ignore garman87 Report Abuse This was a business disaster; not a business trip.
frostyWV Champion Author West Virginia Posts:2,339 Points:519,235 Joined:May 2011	Message Posted: Oct 19, 2012 4:12:06 PM Ignore frostyWV Report Abuse something is seriously wrong if you can get tax credits for a disaster you caused.
drz614 Champion Author Harrisburg Posts:2,319 Points:601,520 Joined:Aug 2011	Message Posted: Oct 19, 2012 4:11:46 PM Ignore drz614 Report Abuse if holder is involved, the decision will b wrong
cssco Champion Author Virginia Posts:7,342 Points:1,754,455 Joined:Feb 2006	Message Posted: Oct 19, 2012 4:09:19 PM Ignore cssco Report Abuse With any luck at all Holder is on the way out.
Shakleelady31 All-Star Author Fort Wayne Posts:571 Points:403,850 Joined:Jan 2012	Message Posted: Oct 19, 2012 4:08:04 PM Ignore Shakleelady31 Report Abuse Hmmmmm.
F81M Champion Author Indiana Posts:1,514 Points:790,060 Joined:Aug 2008	Message Posted: Oct 19, 2012 4:07:25 PM Ignore F81M Report Abuse Pretty much sounds like BS.
txkrb Champion Author Texas Posts:1,564 Points:640,110 Joined:May 2011	Message Posted: Oct 19, 2012 4:07:05 PM Ignore txkrb Report Abuse 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]
BrucePen Champion Author Ontario Posts:6,621 Points:1,365,740 Joined:Sep 2008	Message Posted: Oct 19, 2012 4:05:52 PM Ignore BrucePen Report Abuse That is just wrong!
AKmailman Champion Author Alaska Posts:5,648 Points:1,561,240 Joined:Jul 2004	Message Posted: Oct 19, 2012 4:04:26 PM Ignore AKmailman Report Abuse is this what they mean by " money for votes" ?
Sarge10 All-Star Author Detroit Posts:862 Points:174,100 Joined:Feb 2010	Message Posted: Oct 19, 2012 4:03:57 PM Ignore Sarge10 Report Abuse Why don't we just bend over, while we're at it!!
SavALot Champion Author Virginia Beach Posts:8,489 Points:1,714,760 Joined:Apr 2005	Message Posted: Oct 19, 2012 4:02:04 PM Ignore SavALot Report Abuse BP reaps the benefits? How is that possible???
StArrow68 Champion Author Oakland Posts:3,273 Points:1,364,165 Joined:Apr 2003	Message Posted: Oct 19, 2012 4:01:30 PM Ignore StArrow68 Report Abuse 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?
yakstar Champion Author Montreal Posts:2,440 Points:482,895 Joined:Jan 2012	Message Posted: Oct 19, 2012 4:01:14 PM Ignore yakstar Report Abuse sweet b jesus!
Gas Thirsty Champion Author Los Angeles Posts:4,888 Points:3,231,415 Joined:Mar 2003	Message Posted: Oct 19, 2012 3:59:58 PM Ignore Gas Thirsty Report Abuse There are still unfinished work to be done in the Gulf area. Make BP accountable.
Gas Thirsty Champion Author Los Angeles Posts:4,888 Points:3,231,415 Joined:Mar 2003	Message Posted: Oct 19, 2012 3:59:03 PM Ignore Gas Thirsty Report Abuse This is so wrong.
DABEE1073 Champion Author San Diego Posts:8,220 Points:1,576,010 Joined:Jun 2008	Message Posted: Oct 19, 2012 3:55:44 PM Ignore DABEE1073 Report Abuse THAT IS GOOD. THEY REALLY, REALLY NEED THE MONEY.
raj_fl Champion Author Trenton Posts:3,224 Points:730,930 Joined:Oct 2010	Message Posted: Oct 19, 2012 3:49:22 PM Ignore raj_fl Report Abuse another mitt rommeny pinch
raj_fl Champion Author Trenton Posts:3,224 Points:730,930 Joined:Oct 2010	Message Posted: Oct 19, 2012 3:49:04 PM Ignore raj_fl Report Abuse mmmm another mitt rommeny deal
MG_Sputnik Champion Author Philadelphia Posts:7,320 Points:1,963,330 Joined:Apr 2006	Message Posted: Oct 19, 2012 3:48:36 PM Ignore MG_Sputnik Report Abuse That's great. Screw up the environment and get paid for it!
knot2swift Champion Author Calgary Posts:4,403 Points:700,130 Joined:Nov 2009	Message Posted: Oct 19, 2012 3:48:18 PM Ignore knot2swift Report Abuse Somehow this appears as an article that says "We lose in the long run". Someone say it ain't so!!!!!
MDTDriver Champion Author California Posts:9,744 Points:2,158,545 Joined:Jul 2006	Message Posted: Oct 19, 2012 3:46:30 PM Ignore MDTDriver Report Abuse I hop it does not come from the USA!!
darkknight1 Champion Author Winston-Salem Posts:4,355 Points:898,985 Joined:Nov 2010	Message Posted: Oct 19, 2012 3:45:28 PM Ignore darkknight1 Report Abuse hmmm
ericbcire Champion Author Nevada Posts:4,540 Points:1,270,635 Joined:Aug 2009	Message Posted: Oct 19, 2012 3:42:44 PM Ignore ericbcire Report Abuse This settlement must be the "investment" they keep talking about in their commercials.
roundtrip100 Champion Author Fort Wayne Posts:2,018 Points:398,900 Joined:Apr 2012	Message Posted: Oct 19, 2012 3:42:32 PM Ignore roundtrip100 Report Abuse ok
Mustache_33 All-Star Author Toronto Posts:900 Points:181,455 Joined:May 2012	Message Posted: Oct 19, 2012 3:37:03 PM Ignore Mustache_33 Report Abuse hm
bevmill Champion Author Georgia Posts:2,597 Points:603,470 Joined:Apr 2006	Message Posted: Oct 19, 2012 3:35:27 PM Ignore bevmill Report Abuse That's loop holes for you/
YodaON Champion Author Ottawa Posts:2,942 Points:781,985 Joined:Jan 2011	Message Posted: Oct 19, 2012 3:35:22 PM Ignore YodaON Report Abuse big business always seem to win
jl1rp Champion Author New Hampshire Posts:1,835 Points:360,540 Joined:May 2012	Message Posted: Oct 19, 2012 3:35:09 PM Ignore jl1rp Report Abuse pay big fine and then get a tex credits to write off part of it. System is broken.
36IHBinder Champion Author Illinois Posts:2,973 Points:646,015 Joined:Jun 2011	Message Posted: Oct 19, 2012 3:34:21 PM Ignore 36IHBinder Report Abuse The rich get richer
libertyut Champion Author Utah Posts:1,360 Points:293,575 Joined:Mar 2012	Message Posted: Oct 19, 2012 3:31:49 PM Ignore libertyut Report Abuse The Election is less then 3 weeks away.
gasmack Champion Author Ventura Posts:1,721 Points:671,345 Joined:Feb 2011	Message Posted: Oct 19, 2012 3:31:39 PM Ignore gasmack Report Abuse Not frackin' fair. HEADS SHOULD ROLL!
humancry Champion Author Michigan Posts:4,618 Points:1,002,455 Joined:Nov 2006	Message Posted: Oct 19, 2012 3:31:01 PM Ignore humancry Report Abuse There you go you knew they would make out...
thirstyauto Champion Author Milwaukee Posts:14,740 Points:1,622,570 Joined:Nov 2008	Message Posted: Oct 19, 2012 3:29:57 PM Ignore thirstyauto Report Abuse The fact that they will get a credit for this is dumbfounding!!
splitrman Champion Author Victoria Posts:1,336 Points:319,465 Joined:Jun 2012	Message Posted: Oct 19, 2012 3:29:06 PM Ignore splitrman Report Abuse 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.
altima2008 Champion Author Philadelphia Posts:8,180 Points:1,741,015 Joined:Apr 2008	Message Posted: Oct 19, 2012 3:28:12 PM Ignore altima2008 Report Abuse another reason to hate bp even more!
CampKohler Champion Author Sacramento Posts:9,470 Points:1,564,180 Joined:May 2007	Message Posted: Oct 19, 2012 3:26:14 PM Ignore CampKohler Report Abuse 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.
kcboy Champion Author Utah Posts:3,988 Points:1,511,700 Joined:Jun 2005	Message Posted: Oct 19, 2012 3:25:40 PM Ignore kcboy Report Abuse They should not get it.
nimpy Champion Author Indianapolis Posts:8,155 Points:1,705,005 Joined:Oct 2007	Message Posted: Oct 19, 2012 3:24:08 PM Ignore nimpy Report Abuse This should go to all on the gulf that lost millions of dollars
zonernovi Champion Author Michigan Posts:2,204 Points:641,780 Joined:May 2005	Message Posted: Oct 19, 2012 3:24:01 PM Ignore zonernovi Report Abuse get rid of tax loopholes
boatcrazyinme Champion Author Maine Posts:1,924 Points:548,740 Joined:Apr 2010	Message Posted: Oct 19, 2012 3:22:25 PM Ignore boatcrazyinme Report Abuse same old crap,the rich always come out on top!!!!!!!!!!!
TheDix Champion Author Ontario Posts:3,099 Points:601,410 Joined:Dec 2009	Message Posted: Oct 19, 2012 3:20:57 PM Ignore TheDix Report Abuse Untrue.
bbreff Champion Author Atlanta Posts:9,863 Points:2,571,340 Joined:Jun 2005	Message Posted: Oct 19, 2012 3:19:20 PM Ignore bbreff Report Abuse That figures