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.
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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.
This report is part of the following collection of related materials.
Congressional Research Service Reports
The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1960's through 2018—covering a variety of topics from agriculture to foreign policy to welfare.
Sherlock, Molly F.; Lunder, Erika K. & Liu, Edward C.Tax Issues and the Gulf of Mexico Oil Spill: Legal Analysis of Payments and Tax Relief Policy Options,
report,
October 14, 2010;
Washington D.C..
(https://digital.library.unt.edu/ark:/67531/metadc29598/:
accessed March 19, 2024),
University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu;
crediting UNT Libraries Government Documents Department.