Tax Issues and the Gulf of Mexico Spill: Legal Analysis of Payments and Tax Relief Policy Options

Molly F. Sherlock

Jan 2011 · DIANE Publishing

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This is a print on demand edition of a hard to find publication. The explosion of the Deepwater Horizon oil rig and subsequent oil spill into the Gulf of Mexico has led to substantial damages, particularly in the form of lost wages and income. BP has begun to make interim payments to compensate for lost income resulting from the oil spill. Policymakers may consider exploring alternative mechanisms for providing relief to the affected region. One option is to provide relief through the tax code by adopting measures similar to those employed following past major disasters. Contents of this report: (1) Tax Relief for Natural Disasters Versus Oil Spill Relief; (2) Payments to Oil Spill Victims: Selected Legal Issues and Analysis; (3) Oil Spill Tax Relief: Policy Options; (4) Tax Policy Options: Economic. Illus.