Engel Bill to Block Tax Deductions of Oil Spill Costs
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On the House floor, Rep. Eliot Engel (D-N.Y.) just said he will
introduce legislation that would prevent oil companies from claiming a
tax deduction for oil spill expenses. Engel did not give details on the
legislation, but I’ve put a call into his office to get a copy of the bill.

It’s been widely reported that BP plans to claim a $10 billion tax
deduction, and lawmakers have criticized the move, with Sen. Bill Nelson
(D-Fla.) calling for an investigation into the issue.

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Damn...earlier today I thought I was kidding when I posted the idea that
BP would seek tax deductions on the cost of cleaning up its mess.