Converse Neon Shoes

Gulf oil spill claims recipients could spread tax Converse Womens Slip On Sneakers

Converse Neon Shoes

The explosion of the Deepwater Horizon rig on April 20, 2010, killed 11 workers and spawned a months long oil leak at the bottom of the Gulf of Mexico.

Converse Neon Shoes

The government estimates that 206 million gallons of oil spewed into the sea, blackening beaches and forcing the closure of Gulf waters during the peak summer tourism and fishing season.

Converse Neon Shoes

Palazzo added that settlement payments following the Exxon Valdez spill in Alaska were similarly averaged over 3 years.

Follow George Altman on Twitter

Converse Neon Shoes

Converse Neon Shoes

Steven Palazzo (File photo)

In a January story, Gulf Shores Mayor Robert Craft told the Press Register that he was worried some people receiving claims would not be prepared for the extra taxes the money would bring.

Converse Neon Shoes

Since the spill, more than 418,000 people and nearly 110,000 businesses have filed damages claims with the Gulf Coast Claims Facility, led by Ken Feinberg.

Converse Neon Shoes

"What we finding out is, most of the people that are going to be receiving these payments, they using it to restore, you know, lost revenues because of the oil spill. They Converse High Tops Black Sale

By allowing the claims payments to be spread over 3 taxable years, the legislation, filed this week, would give people hurt by the spill economically more time to pay the extra taxes, Palazzo said. He added that it could also lessen their overall tax bill, by preventing them from getting bumped into a significantly higher tax bracket by a large lump payment, Palazzo said.

tax implication of pushing them into a higher tax bracket."

Converse Neon Shoes

WASHINGTON Oil spill claims recipients could pay taxes on their settlement money over the course of three years, rather than all at once, under a proposal in Congress from Rep. Steven Palazzo, R Biloxi.

While reimbursement for property damage and personal injury is tax exempt, these represent a very small portion of oil spill claims. Recipients of claims for lost revenue, which are far more common, must pay taxes.

More than 203,000 claimants have received payments totaling nearly $5 billion.

"I not sure everyone really understood the responsibility that went along with a lump sum," Craft said. "A lot of people have probably never received one."

Converse Neon Shoes

Converse Neon Shoes

"They haven Converse Neon Shoes thought about the Converse High Tops Leather

using it to purchase equipment or get on their feet," Palazzo said.

"It not like we creating a new precedent," he said.

costs over 3 years

21, 2010. (Press Register, Bill Starling)

Converse Neon Shoes

Converse Ballet Pumps

Converse Ballet Lace Pumps

New Era Manchester United
Nike Hat Cap
Converse Dainty Grey Womens

Converse Womens Slip On Sneakers

Converse High Tops Womens

New York New Era Cap
Converse Shoes Rainbow

Converse Shoes Retro

Converse Rubber Shoes For Women

Nike Hat With Gold Check
New Era 9fifty Snapback
Converse Ballet Flat

Converse Green

Home / Converse Neon Shoes