BP Plans to Accept $10 Billion Tax Credit Resulting From Losses in Gulf Spill

The company disclosed its intentions as part of its second-quarter earnings report, in which it 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.

The credit for BP could mean, however, that taxpayers will indirectly foot part of the bill for the $20 billion fund that BP established to compensate people and businesses harmed by the disaster.