[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5598 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5598

   To exclude from gross income compensation provided by BP, PLC for 
victims of the explosion on and sinking of the mobile offshore drilling 
 unit Deepwater Horizon and the discharge of oil in the Gulf of Mexico 
     caused by such explosion and sinking, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 24, 2010

Mr. Melancon (for himself and Mr. Boyd) introduced the following bill; 
         which was referred to the Committee on Ways and Means

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                                 A BILL


 
   To exclude from gross income compensation provided by BP, PLC for 
victims of the explosion on and sinking of the mobile offshore drilling 
 unit Deepwater Horizon and the discharge of oil in the Gulf of Mexico 
     caused by such explosion and sinking, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Oil Spill Tax Relief Act of 2010''.

SEC. 2. GULF OIL SPILL COMPENSATION EXCLUDED FROM GROSS INCOME.

    For purposes of the Internal Revenue Code of 1986--
            (1) the explosion on and sinking of the mobile offshore 
        drilling unit Deepwater Horizon and the discharge of oil in the 
        Gulf of Mexico caused by such explosion and sinking shall be 
        treated as a qualified disaster under section 139(c) of such 
        Code, and
            (2) any compensation provided by BP, PLC to a victim of 
        such disaster shall be treated as a qualified disaster relief 
        payment under section 139(b) of such Code.
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