BP may get tax refund because of oil disaster expenses

BP spokesman Steve Rinehart told Bloomberg News that BP will deduct the $3.5 billion already spent on cleanup efforts and any future expenses:

"Taxes are paid on profits.

If our profits are down due to increased expenses such as the cost of responding to this spill, then it follows that our tax bills will be lower as a result."

Source:
http://thinkprogress.org/2010/07/14/bp-refund-tax/