House Bill Aims To Bar BP From Deepwater Tax Benefit

Law360, Chicago (October 29, 2012, 5:07 PM EDT) -- House Rep. Jo Bonner, R-Ala. introduced a bill Friday that would bar BP PLC from getting a tax break for payments it makes in connection with the 2010 Deepwater Horizon oil spill, citing reports that said a forthcoming settlement with the federal government could provide that benefit.

In a statement Monday on the proposed legislation, the congressman cited recent media reports that have said the U.S. Department of Justice and BP were close to striking a multibillion-dollar settlement to resolve Clean Water Act claims and set...
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