Politics & Government

July 27, 2010

BP to claim $10 billion U.S. tax credit for Gulf oil spill costs

BP said Tuesday that it will charge $32.2 billion to its second quarter results as the likely cost of the the Deepwater Horizon oil catastrophe, and that based on that it will claim a $9.9 billion credit on its U.S. taxes. Asked whether BP had discussed that with the Obama administration, outgoing BP CEO Tony Hayward said, "We've followed the IRS regulations."

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