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