Republican protests potential BP tax write-off

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Gulf Coast lawmakers recently and loudly protested press reports that BP and the Justice Department have discussed shifting settlement payments based on the Clean Water Act - with their promised billions of dollars to Gulf state coffers - instead to payments based on natural resource statutes, which would not only go to the U.S. Treasury but also be tax-deductible for BP.


"BP, who is responsible for this, would also get a tax deduction that could write off millions," Representative Jo Bonner, an Alabama Republican, told Reuters. "The audacity of giving BP a tax write-off!"


BP has been locked in a year-long legal battle with the U.S. government and Gulf Coast states to settle billions of dollars in civil and potential criminal liability from the April 20, 2010, explosion aboard the Deepwater Horizon rig that killed 11 workers and soiled the shorelines of four Gulf Coast states in the worst offshore spill in U.S. history.


BP and the Justice Department have had protracted closed-door negotiations on a settlement to avoid a potentially years-long court battle.


In big settlements, the Justice Department has striven to avoid the taint of politics, and the BP case is no different.


Gulf Coast states stand to reap billions of dollars in funds from a potential BP settlement, thanks to a law passed by Congress that would route 80 percent of funds to the states from violations of the Clean Water Act.


That amount could approach $17 billion if BP is found grossly negligent in the disaster.




http://www.reuters.com/article/2012/10/27/us-bp-oilspill-election-idUSBRE89Q05120121027

 
\\((|))// said:
bonnerburns.jpg



​

Gulf Coast lawmakers recently and loudly protested press reports that BP and the Justice Department have discussed shifting settlement payments based on the Clean Water Act - with their promised billions of dollars to Gulf state coffers - instead to payments based on natural resource statutes, which would not only go to the U.S. Treasury but also be tax-deductible for BP.


"BP, who is responsible for this, would also get a tax deduction that could write off millions," Representative Jo Bonner, an Alabama Republican, told Reuters. "The audacity of giving BP a tax write-off!"


BP has been locked in a year-long legal battle with the U.S. government and Gulf Coast states to settle billions of dollars in civil and potential criminal liability from the April 20, 2010, explosion aboard the Deepwater Horizon rig that killed 11 workers and soiled the shorelines of four Gulf Coast states in the worst offshore spill in U.S. history.


BP and the Justice Department have had protracted closed-door negotiations on a settlement to avoid a potentially years-long court battle.


In big settlements, the Justice Department has striven to avoid the taint of politics, and the BP case is no different.


Gulf Coast states stand to reap billions of dollars in funds from a potential BP settlement, thanks to a law passed by Congress that would route 80 percent of funds to the states from violations of the Clean Water Act.


That amount could approach $17 billion if BP is found grossly negligent in the disaster.




http://www.reuters.com/article/2012/10/27/us-bp-oilspill-election-idUSBRE89Q05120121027

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Are you saying this is being done by the Obama Justice Department led by Eric Holder of Fast and Furious fame?
 
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