Pelosi, Senate Finance members probe BP’s $10 billion tax-credit plan

Various House lawmakers recently introduced at least three separate bills that would prevent BP from claiming a $9.9 billion reduction in taxes. The bills offered by Reps. Gerry ConnollyGerald (Gerry) Edward ConnollyLights, camera, SCOTUS Bipartisan pair wants commission to oversee Iran deal Dem lawmaker warns of 'political and moral limitations’ to working with Trump MORE (D-Va.), Raul Grijalva (D-Ariz.) and Eliot Engel (D-N.Y.) deny deductions based on cleanup and damages costs.

“This simple bill ensures that oil companies are not paying for the spill with one hand while robbing American taxpayers with the other. It will close a loophole that would otherwise allow BP and other companies to escape responsibility to pay for cleanup of their own oil spills,” states a letter that Connolly and co-sponsor Rep. Betsy Markey (D-Colo.) are circulating to colleagues to corral support.

BP’s planned deduction stems from the $32.2 billion it announced in late July would be set aside for its spill expenses, including roughly $3 billion in response costs to date and future costs that include the $20 billion fund being established for damages claims.

Two members of the Senate Finance Committee said Tuesday they are reviewing the tax credit as well.

“We are looking at that,” said Sen. Jeff Bingaman (D-N.M.), who declined to provide further details.

“There has been a lot of discussion about that,” said Sen. Debbie StabenowDeborah (Debbie) Ann StabenowSupreme Court weighs Congress's power to dismiss lawsuits We must fund community health centers now Overnight Energy: Perry takes heat for sexual assault comments | Clovis withdraws nomination for USDA post | Battle lines drawn on Arctic refuge drilling | Energy regulator back to full strength MORE (D-Mich.). “In my judgment we need to seriously look at that.” Sen. Bill NelsonClarence (Bill) William NelsonOvernight Tech: Senate panel subpoenaed ex-Yahoo chief | Twitter gives all users 280 characters | FBI can't access Texas shooter's phone | EU wants tax answers from Apple Overnight Cybersecurity: What we learned from Carter Page's House Intel testimony | House to mark up foreign intel reform law | FBI can't access Texas shooter's phone | Sessions to testify at hearing amid Russia scrutiny Former Yahoo CEO subpoenaed to appear before Congress MORE (D-Fla.), another member of the Finance panel, last month urged committee leaders to probe BP’s tax plan.

—Cross-posted from E2-Wire.