Text of Engel Bill Blocking Oil Company Tax Deductions

Here’s a copy of Rep. Eliot Engel’s (D-N.Y.) legislation that would prevent BP from claiming a $10 billion tax deduction from the cost of responding to the spill.

The “Denial of Certain Tax Benefits to Offending Oil Polluters Act of 2010,” as it is called, says: “In the case of an offending oil polluter, no deduction or credit shall be allowed…with respect to any amount paid or incurred in connection with a discharge of oil…”

Just some light weekend reading.