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Washington Post: Taxpayers could help pay BP's $20 billion in claims

Washington Post reporter Jia Lynn Yang reported Tuesday afternoon that BP plans to seek a tax credit of up to $10 billion from the U.S. government, or about half the amount it pledged to aid victims of the disaster.

The company cites steep losses from the Gulf Coast oil spill.

Yang dug the news out of the company's second-quarter earnings report that said it would record a $32.2 billion charge to reflect the costs of the spill.

"Under U.S. corporate tax law, companies can take credits on up to 35 percent of their losses. For BP, that means a savings on its tax bill of about $10 billion," Yang wrote. "The credit could mean, however, that taxpayers will indirectly foot the bill for the $20 billion fund that BP launched to compensate people and businesses harmed by the disaster."

Read the rest of the Washington Post report here.