Senators push for oil-spill tax breaks
A bipartisan group of eight U.S. senators, including Mississippi’s Thad Cochran and Roger Wicker, want a tax break for businesses hurt by the BP Gulf oil disaster attached to any tax legislation Congress passes in the lame-duck session.
In a letter to Senate Finance Chairman Max Baucus, D-Mont., and ranking minority member Charles Grassley, R-Iowa, the eight senators call for allowing tax deferral on oil spill–related insurance and claims payments that are reinvested within five years. The proposal also would allow qualified businesses to “carry back” — re-file prior-year tax returns — to claim oil spill–related losses, similar to carryback extensions allowed after Hurricane Katrina and other disasters.
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Sun Herald
12/8/10
Magnolia Tribune
