Tax Issues and the Gulf of Mexico Oil Spill: Legal Analysis of Payments and Tax Relief Policy Options

Description:

This report will briefly discuss existing disaster-related tax provisions and their application to the recent Depewater Horizon oil rig explosion and subsequent oil spill in the Gulf of Mexico. The report then provides an analysis of the tax treatment of the BP payments to the individuals and businesses impacted by the oil spill as well as various policy options for providing tax relief to oil spill victims, highlighting the circumstantial differences between previous natural disasters and the current oil spill. The report concludes with a brief summary of current legislative efforts.

Creator(s):
Location(s): United States
Creation Date: October 14, 2010
Partner(s):
UNT Libraries Government Documents Department
Collection(s):
Congressional Research Service Reports
Usage:
Total Uses: 55
Past 30 days: 6
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Creator (Author):
Sherlock, Molly F.

Analyst in Economics

Creator (Author):
Lunder, Erika K.

Legislative Attorney

Creator (Author):
Liu, Edward C.

Legislative Attorney

Publisher Info:
Place of Publication: Washington, D.C.
Date(s):
  • Creation: October 14, 2010
Coverage:
Place
United States
Description:

This report will briefly discuss existing disaster-related tax provisions and their application to the recent Depewater Horizon oil rig explosion and subsequent oil spill in the Gulf of Mexico. The report then provides an analysis of the tax treatment of the BP payments to the individuals and businesses impacted by the oil spill as well as various policy options for providing tax relief to oil spill victims, highlighting the circumstantial differences between previous natural disasters and the current oil spill. The report concludes with a brief summary of current legislative efforts.

Physical Description:

14 pages.

Language(s):
Subject(s):
Keyword(s): Gulf of Mexico
Partner:
UNT Libraries Government Documents Department
Collection:
Congressional Research Service Reports
Identifier:
Resource Type: Report
Format: Text