$10 bil­lion save for BP?

Austin American-Statesman - - WORLD & NATION -

BP said Tues­day that it plans to seek a $10 bil­lion tax credit from the U.S. govern­ment be­cause the com­pany has lost so much money from the Gulf of Mex­ico oil spill.

In an­nounc­ing its sec­ondquar­ter re­sults, BP said it would record a $32.2 bil­lion charge against its earn­ings to re­flect the cost of the spill. Un­der U.S. cor­po­rate tax law, com­pa­nies can take cred­its on up to 35 per­cent of their losses. That means tax­pay­ers could be cov­er­ing part of the money that BP pledged to com­pen­sate peo­ple and busi­nesses harmed by the dis­as­ter.

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