H.R. 2821 · 112th Congress
To allow damage payments from BP in connection with the blowout and explosion on the offshore drilling unit Deepwater Horizon to be included in gross income ratably over 3 years.
- Stage
- In committee
- Sponsor
- Steven Palazzo
- Introduced
- 2011-08-16
- Latest action
- 2011-08-30 · Referred to the House Committee on Ways and Means.
Summary
Allows taxpayers to elect to include any payment from BP PLC for damages related to the blowout and explosion on the mobile offshore drilling unit Deepwater Horizon that occurred on April 20, 2010, in gross income ratably over a three-year period for tax purposes (income averaging).