"BP Eyes $10B Tax Credit Over Gulf Spill Response"

"LOS ANGELES -- Oil giant BP PLC will reduce its contribution to U.S. coffers by roughly $10 billion due to a tax credit the company is claiming it incurred from the Gulf of Mexico oil spill.

BP said Tuesday that it is incurring a charge of $32.2 billion from the Gulf response, and as such, it is claiming a $9.9 billion taxation credit."

Russ Britt reports for Marketwatch in the Miami Herald July 28, 2010.

SEE ALSO:

"BP To Cut U.S. Tax Bill by $10 Billion Because of Losses in Gulf Spill" (Washington Post)