18.7 Billion Fine Tax Deductible Anta

[aragorn]

BP Agrees to Pay $18.7 Billion to Settle Deepwater Horizon Oil Spill Claims

 

 

The settlement would add at least $10 billion to the $44 billion BP has already incurred in legal and cleanup costs, pushing its tab for the spill higher than all the profits it has earned since 2012. But the payments would be stretched out over 18 years at around $1.1 billion annually, softening the blow to the company’s cash flow. Much of the penalties would likely be tax-deductible, analysts noted.

 

 

 

 

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[aragorn]

[aragorn]

The environmental penalties, and a portion of the cash paid to states, would likely be tax deductible, according to Tom Claps, a litigation analyst at Susquehanna Financial Group. Fines under the Clean Water Act aren’t tax-deductible.