BP oil spill to cost U.S. taxpayer almost $10 billion

[Karmadillo]

http://www.reuters.com/article/idUSTRE66Q1FW20100727

BP oil spill to cost U.S. taxpayer almost $10 billion
LONDON | Tue Jul 27, 2010 7:37am EDT

LONDON (Reuters) - 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 UK tax bill will also be reduced, BP added.

more...

[gratuitous]

1. Nuh uh!

I just saw an ad for BP that said they were going to pay for everything! No qualifications or reservations! Who are you going to believe - BP's ads or their accountants? They also said they were going to be fully funding the compensation reserve, just as soon as they can find their checkbook. Should be, oh, just almost any day now.

Well, first, they need to cut a check to Tony Hayward as a reward for his outstanding leadership of the company all these years. And so he can get his life back. But the Gulf of Mexico is on their to-do list.

[RC]

2. When are we going to bring criminal charges against BP?

[saigon68]

4. Not under the present occupant

We need Bi-Partisanship

[saigon68]

3. Filthy Skunks

I hope they enjoy their bonuses

[flvegan]

5. Obama said that BP was going to foot the entire bill for the cleanup.

He said nothing of tax credits as part of it. I expect him to stick to that.

[dipsydoodle]

6. Sounds more like

its your tax laws which need changing.

[cbdo2007]

7. Now don't freak out people - maybe someone set aside those $9 Billion missing from Iraq

and have been planning to use it for this all along. Well, you never know...

[BootinUp]

8. That shit can't be right

10 Billion fuckin dollars?