BP Settles Prior Years Taxes
for $379 Million
January 02, 2007
Governor Sarah Palin announced
Monday that the State of Alaska and BP Exploration (Alaska) Incorporated
have resolved a tax dispute concerning outstanding corporate
income tax liabilities.
The taxes related to disputed amounts for tax years 2000 through
2002. Alaska tax statutes require the specific terms and conditions
of the dispute and agreement to be kept confidential.
BP agreed to make the payment
of $379 million on December 31, 2007. The funds will be deposited
in the Constitutional Budget Reserve, which was created as the
state's main savings account by a vote of the people in 1990.
"I am very pleased with this settlement and appreciate BP's
willingness to work with the State of Alaska and come to a fair
resolution," Governor Palin said.
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