Engel Bill to Block Tax Deductions of Oil Spill Costs
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.
