Requests the Department of Revenue to reevaluate the decision on certain BP settlements issued to certain oystermen and shrimpers.
Impact
The resolution highlights the ongoing struggles of Louisiana's oyster and shrimp industries, which have yet to recover fully from the devastating impacts of the oil spill. It calls for the Department of Revenue to take significant actions to mitigate the tax implications of the settlement payments, particularly for those who have not received clear tax documentation. If implemented, these actions could provide substantial financial relief to affected individuals, allowing them to focus on recovery instead of accumulating tax debts that add to their hardships.
Summary
Senate Resolution No. 157, sponsored by Senator Morrell, urges the Louisiana Department of Revenue to reevaluate the taxation of BP settlement payments received by oystermen and shrimpers in response to the Deepwater Horizon oil spill. The resolution requests a temporary suspension of tax collection efforts related to these payments while the Department reexamines their taxability. The intent is to alleviate the financial burdens faced by those in the seafood industry who are dealing with the aftermath of the disaster and the accompanying financial fallout due to tax liabilities.
Sentiment
The sentiment surrounding Senate Resolution No. 157 appears to be largely supportive among the representatives advocating for the seafood industries, as it endeavors to provide a pathway for financial assistance and relief. However, there may also be concerns regarding the potential implications of reevaluating and altering tax assessments, as some officials may worry about establishing precedents for future settlements and other sectors that might seek similar relief.
Contention
Although the resolution does not seem to have significant public opposition documented in the available materials, there could be underlying debates about the fairness and potential long-term consequences of modifying tax responsibilities stemming from BP's settlements. These discussions may revolve around accountability and the role of government in providing financial assistance versus the obligation to uphold tax laws consistently across all sectors.
Requests BP P.L.C. to institute medical monitoring and treatment, and to publish advisory medical protocols to all Louisiana residents and clean-up workers who were exposed to chemicals related to the Deepwater Horizon oil spill.
Requests the U. S. President to issue an emergency declaration to use any and all U.S. resources, including military forces and martial law, to stop the oil spill in the Gulf of Mexico, and to ban the use of certain chemical dispersants in the Deepwater Horizon oil spill response operation.
Requests the Coastal Protection and Restoration Financing Corporation to study the feasibility of employing financing techniques to convert future BP settlement payments into current assets to be deposited in and credited to the Coastal Protection and Restoration Fund.
Urges and requests British Petroleum (BP) to endorse and agree to fund implementation of the Louisiana Seafood Safety Response and Quality Certification Plan
Requests all relevant state and federal agencies to devote all available resources to stop the flow of oil at the former site of the Deepwater Horizon rig.
Urges and requests the Department of Revenue to reexamine their revenue ruling determination that a certain rate reduction and tax exemption is applicable to sellers of nonprepared foods
Requests the Senate Committee on Revenue and Fiscal Affairs, the House Committee on Ways and Means, and the secretaries of the Department of Revenue and Natural Resources to meet as a special committee to study a reform of the income-reporting laws and the various exclusions, exemptions, credits, deductions, and other economic incentives granted by state law to large, multinational conglomerates which engage in offshore oil and gas exploration and production.
Urges and requests the Department of Transportation and Development to reevaluate and construct a safety installation in a certain community in Shreveport, Louisiana