The original content of Democracy Now! Headlines appears under the Creative
Commons BY-NC-ND 3.0 License (United States). For more, including their other
shows and media, visit www.democracynow.org.
July 15, 2010

BP to Deduct Spill Costs from Tax Payments
------------------------------------------



BP meanwhile has acknowledged its share of the cost of the oil spill
could be partially offset by lower taxes. In an interview with Bloomberg
News, a BP spokesperson said the company plans to deduct the amount it’s
spent on cleanup efforts and that it’s likely to do the same for
compensation payments to Gulf Coast residents. Based on its tax rate
last year, BP could deduct almost $20 billion in taxes should its
cleanup obligations reach $60 billion as some have projected.



.