BP said that it is planning to cut its U.S. tax bill by $9.9 billion, by deducting costs related to its Gulf oil spill in the second quarter of the year. Some of this could be refunded from taxes that BP has paid in previous years.
The tax credit that BP wants to claim, could mean that U.S. taxpayers will foot, in part or in whole, the bill for the $20 billion fund that (Ner)Obama and BP established to compensate those harmed by the disaster, and limit BP's liability.
Since BP's payments to the fund were to be spread over four years, amount to a mere $5 billion a year, and its tax-credit claim is for just one quarter of this year, BP couls end up paying nothing into the fund - if the Obama administration allows BP to get away with it.
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