BP Claims $9.9 Billion Tax Credit on Gulf Cleanup Cost
By Hugh Collins
BP (BP) says it's claiming a $9.9 billion tax credit on costs related to the oil spill cleanup operation in the Gulf of Mexico. The energy giant said Tuesday that the tax credit is related to the $32.2 billion charge it's incurring from the Gulf disaster, MarketWatch reported.
"We have followed the IRS regulations as they're currently written," outgoing CEO Tony Hayward said. The tax credit could effectively halve BP's contribution to the $20 billion escrow fund it set up to compensate victims of the spill at the behest of President Barack Obama.
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