Gulf Spill Settlement Could Save BP Billions In Tax Breaks

A federal judge has approved a multi-billion-dollar settlement over the Deepwater Horizon oil spill in 2010. Under the terms of the agreement, BP will pay more than $20 billion in penalties and claims over the environmental damage caused by the worst oil spill in U.S. history. However, despite strong objections from environmentalists and lawmakers, BP can classify around $15 billion of that allocation as a business expense and deduct it from the company’s tax burden. Such a write-off could save the oil giant more than $5 billion. Presidential hopeful Sen. Bernie Sanders (I-Vt.) called the tax-advantaged ruling “an outrage” that’ll end up burdening

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