It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Oil giant BP said it plans to offset the entire cost of its Gulf of Mexico oil spill against its tax bill, reducing future contributions to U.S. tax coffers by almost $10 billion.
BP took a pretax provision of $32.2 billion in its accounts for the period, for the cost of capping the well, cleaning up the spill, compensating victims and paying government fines.
However, the net impact on BP's bottom line will only be $22 billion, with the company recording a $10 billion tax credit, most of which will be borne by the U.S. taxpayer, a spokesman said.
BP's bottom line will only be $22 billion
Originally posted by Kharron
Let's say I own a business that makes pet food. I sell my product and I pay taxes on my sales. Turns out the food kills pets and I have to pay penalties to people whose pets died. Is that a tax break? I'm at work and cannot look all this up right now, so if anyone knows please help out.