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July 30th, 2010
05:59 AM ET

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Senator demands probe of BP tax break

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2010/images/07/30/oil.water.art.jpg]

NEW YORK (CNNMoney.com) - Two days after BP said it will write off the cost of the oil spill cleanup against its income taxes, a U.S. senator is calling for a Congressional probe into the company's tax plans.

Sen. Bill Nelson, D-Fla. sent a letter to the Senate Finance Committee Thursday, requesting a series of hearings on the matter and calling BP's plans to take a tax write-off "unacceptable."

On Tuesday, BP said it took a $32 billion charge in the second quarter for clean-up costs, resulting in tax savings of about $10 billion.

That's half the value of the $20 billion fund that BP set up to aid Gulf coast victims, Nelson pointed out.

BP announced the charge along with its second quarter earnings, saying the cleanup costs were the main reason for its $17 billion loss during the quarter.

BP spokesman Daren Beaudo, in an email to CNN, said the company is following U.S. tax code in taking the charge. Read More

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soundoff (12 Responses)
  1. vic nashville tn

    We can’t trust BP I don’t know they can write of its income taxes if it so fine amount should raise

    July 30, 2010 at 8:54 am |
  2. Tom-Vermillion, Ohio

    @Ronny, you can bet on it. If you really want to know what people actually think on a given topic, you listen to the news and look at the feedback. The White House, for example, gets 10 of thousands of emails daily, carefully worded and full of 'personal' agendas. I read all CNNs news articles. I also read all the blog comments and comment on many. And you know what, its easy! I've read certain blogs and then listened to 'breaking news' and guess what, almost verbatum! Coincidence maybe, but I've seen this many times. I have further evidence, but choose not to disclose. I want to know what people really think, not what they end up wanting us to believe.

    July 30, 2010 at 8:51 am |
  3. Tom-Vermillion, Ohio

    @Pauly, what you say is absolutely true. We have all noticed those prestine 'black top' projects; jet black with white/yellow sharp dividing lines...by the next spring these 'black top' projects have faded to grey. The run off goes into ditches, into rivers and streams and ends up into lakes and oceans. It does not just disappear into another dimension. There is a solution to this problem as well, and guess what, it creates JOBS! And good paying ones too! Trouble is, it cuts into corporate profits, especially the corrupt ones, you know the ones that pay handsomely those 'compaign' contributions now apparrently allowable big time as per the Supreme Court. For what its worth, thats my opinion. Time to look at the 'big picture'; don't get 'mired' in the details. We need to 'see' how 'they' operate. And it's an eye opener.

    July 30, 2010 at 8:26 am |
  4. Ronny

    Do you actually belive "very important people" read this blog? And if there is ... do you think they care what the American people think?

    July 30, 2010 at 8:16 am |
  5. Isienyi

    This is absolute madness on both the parties involved, Judicial system and today's American culture. We are certainly growing with total disregard of ordinary wisdom and common sense. I guess that's why they said common sense is not common. God created humans and empowered us to have dominion over all things. That's why we, at the least, control the world the animals live in. A dog is no different from a snake, lion, fish, scorpions, etc. Perhaps we should also send someone to jail for killing a scorpion that bites them. Dog keeping is a matter of hobby. If this couple are looking for something to love, there are millions of orphans in our planet for them to adopt raise and love. Please this is pathetic to say the least and we need to grow up in this country.

    July 30, 2010 at 8:06 am |
  6. Tom-Vermillion, Ohio

    @Ronny, I sure would like to see where exactly all the money is going, let the 'cards' fall where they may. Who's running the 'show'? Corporations or the Government? I am seeing innumerable 'things' that are 'odd'. My preliminary conclusion is, we are ALL being 'snookered' and 'suckered', you, me, CNN, Congress, the Supreme Court and even the White House! And 'they' (I have my suspicions) are doing it right now under our noses! My goal is, is I want everyone to discover these stratigies and tactics for themselves. We have got to find a way to stop this crap. We are being 'used' by virtue of our 'ignorant vote' to make a whole bunch of folks extremely wealthy during these difficult economic times. For what it's worth, that's my opinion. Oh, and by the way, very important people read these blogs. It is important to have a 'healthy' dialog.

    July 30, 2010 at 7:52 am |
  7. Pauly

    The oil slick has dissipated. NOAA photos show this & the fact that the skimmers aren't skiimng any oil proves this fact. The long term damage from this spill will be hard to figure out since the Gulf has been a dumping ground for decades. From an article in the NYT:

    At least half a million barrels of oil and drilling fluids had been spilled offshore before the gusher that began after the April 20 explosion, according to government records.

    Much more than that has been spilled from pipelines, vessel traffic and wells in state waters — including hundreds of spills in Louisiana alone — records show, some of it since April 20.

    Runoff and waste from cornfields, sewage plants, golf courses and oil-stained parking lots drain into the Mississippi River from vast swaths of the United States, and then flow down to the gulf, creating a zone of lifeless water the size of Lake Ontario just off the coast of Louisiana.

    The gulf’s floor is littered with bombs, chemical weapons and other ordnance dumped in the middle of last century, even in areas busy with drilling, and miles outside of designated dumping zones, according to experts who work on deepwater hazard surveys.

    July 30, 2010 at 7:28 am |
  8. Tom-Vermillion, Ohio

    What's going on with 800,000 oil spill in the Kalamazoo River in Michegan? Regarding BP, their demeaner indicts that they DO want to put this thing to rest. The handling of this whole debacle is an outrage. Regarding Randel, did I see that one of the 'counts' against him was 'soliticing donations from companies he did business with'? If so, doesn't Congress do this all the time? The Supreme Court ruled that corporations are allowed to contribute unlimited funds for campaigns. Doesn't this sound unethical? Note also the GOP blocked legislation regarding these corporate contributions, coincidently during the 'Sherrod' controversy. Is there a connection?

    July 30, 2010 at 7:22 am |
  9. Sue

    Oh really, Mr. Gruenwald, Are you a scientist? Have you even been to the Louisiana coast? You don't know, I don't know, nobody knows what the far reaching implications of this disaster are. You are just guessing. Not a real journalistic approach is it?Just another instance of a media hack putting thier spin on the issue. Give me facts I can believe in. Until then, maybe you can be a restaurant critic and spew out OPINIONS.

    July 30, 2010 at 6:58 am |
  10. Dan

    If BP wants to pull this shinanagan, I say ALL Americans boycott buying gas from ALL BP stations for a week. Maybe they will change their tune.
    As far as Charlie Wrangel goes, he is crooked, as is ALL politicians. I think that EACH and EVERY politician should be investigated, both sides of the isle. If so, we could start from scratch.

    July 30, 2010 at 6:45 am |
  11. James Taseos

    BP needs to come clean and tell us who's idea the current
    Oil Leak Fix was. It certainly wasn't theirs otherwise they
    would have used it 3 months ago.

    July 30, 2010 at 6:30 am |
  12. Ronny

    Good Morning CNN!

    Just why does the Federal Government say the oil in the Gulf dissipating?? How much money is BP slipping to the Obama Administration? Should the Federal Government be the mouthpiece for BP?

    July 30, 2010 at 6:09 am |