Gulf Oil Spill Taxes

By: Associated Press Email
By: Associated Press Email

NEW ORLEANS (AP) -- Add taxes to the list of worries for Gulf
Coast residents whose livelihoods have been threatened by the
massive oil spill.

Accountants have been trying to nail down the implications after
President Barack Obama said BP PLC would create a $20 billion
disaster fund for the Gulf. It will provide another $100 million
for oil workers who lose their jobs because of a six-month
moratorium on deepwater drilling.

But people getting money from BP say they're surprised and
frustrated to learn they may have to pay taxes on it.

Many were already angry about how long the oil giant took to cut
the checks. So when they've gotten money -- generally about a few
thousand dollars each so far -- they've spent it fast.

BP was leasing the rig that blew up in April, triggering the
spill.


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