I 111th CONGRESS 2d Session H. R. 5598 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 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.

1.

Short title

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

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.