Most Of BP’s $20.8 Billion Deepwater Horizon Fine Is Tax Deductible

‘The U.S. Justice Department touted its historic settlement with BP over charges related to the Deepwater Horizon disaster in 2010. BP will be forced to pay $20.8 billion, the largest settlement ever reached with a single entity. “BP is receiving the punishment it deserves,” U.S. Attorney General Loretta Lynch said in a statement.

But is it really?

BP will be able to write-off three-quarters of the total, taking a tax deduction on $15.3 billion of the total, as Robert W. Wood points out in Forbes. Only $5.5 billion out of the $20.8 billion total is not eligible for a tax deduction, as those charges stem from a Clean Water Act violation.’

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