La. Must Share Tax Proceeds On $496M BP Refinery Sale

Law360, New York (August 10, 2011, 4:15 PM EDT) -- A Louisiana appeals court on Wednesday rejected the state Revenue Department’s request to exclusively tax $496 million in income from a BP Products North America Inc. refinery sale, ruling that the proceeds could be taxed by all states where the company does business.

The Louisiana First Circuit Court of Appeal ruled that BP correctly designated the proceeds from its sale of the Alliance refinery in Belle Chasse, La., as apportionable income, rather than allocable income taxed solely by the state.

BP sold the Alliance refinery in...
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