State Begins Calculating BP Claim
June 22nd, 2011 by flanewsThe state lost millions of sales tax dollars last summer as the BP oil spill grew and tourists opted to vacation elsewhere. But exactly how much the state lost is still unclear. Today state economists began the enormous task of calculating the damage. As Whitney Ray tells us, the number they come up with could be used in a claim against BP or a lawsuit.
Business at Barnacle Bills, a seafood restaurant a few miles from the state capitol, is almost back to normal. Customers stopped coming last year after a broken BP oil pipe began spewing into the gulf. Some thought Florida seafood was tainted.
The perception cost owner Jeff Stilwell tens of thousands of dollars. He filed a claim. BP has paid less than 10 percent.
“Everybody is just at the end of their rope, and they (BP) are sitting on all that money and they just don’t want to pay,” said Jeff.
Now the state is beginning to calculate its losses. Wednesday afternoon state economists began crunching numbers to figure out how much sales tax revenue was lost from seafood sales and a decline in tourism.
Florida TaxWatch tabulated the losses six months ago. They released a report in December claiming the spill cost the state half a billion dollars in economic activity and 15 million in sales tax dollars.
The report may be just a starting point. TaxWatch Vice President for Research Rob Weissert says newer data will likely change those figures.
“It did have a significant affect at a time when Florida was really working to recover from the economic recession. So in some ways it couldn’t have happened at a worse time in a worse place,” said Weissert.
Once the state has a damage total it can file a claim. If BP isn’t willing to pay, a judge could force the oil giant’s hand. The state plans to file a claim once a total is calculated. If there are problems getting paid, the state still has time to file a lawsuit. The law allows a three year window to file suit beginning when the damages occur.
Posted in Business, Economy, Gulf Oil Spill, Oil Drilling, State Budget, State News, Taxes, Tourism | No Comments »