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CFO Alex Sink Asks FL Congressional Delegation to Waive Federal Income Tax on BP Payments

7/8/2010

FOR IMMEDIATE RELEASE: July 8, 2010
CONTACT: Kevin Cate, 850-413-2842

CFO SINK ASKS FL CONGRESSIONAL DELEGATION TO WAIVE FEDERAL INCOME TAX ON BP PAYMENTS

TALLAHASSEE— Florida CFO Alex Sink today sent a letter to every member of Florida’s Congressional Delegation asking them to support legislation that would waive the federal income tax on the lost income payments Floridians have received from BP.

“Every dollar counts right now as many Floridians struggle to get by because of the oil disaster, and this common-sense measure just makes sense for our citizens and businesses,” said CFO Sink. “BP should pay for this income tax loss, instead of taking much needed resources from our small business owners and other Floridians.”

A copy of the letter follows below:

July 8, 2010

Dear Member of the Florida Congressional Delegation:

As you know, Floridians affected by the Deepwater Horizon Gulf disaster are enduring incredible hardships in their fight to protect their families, businesses, and their very way of life.  Florida’s citizens and business owners affected by this disaster desperately need more help from their federal government.  That is why I strongly urge all members of the Florida Congressional Delegation to support legislation that would waive the federal income tax on the lost income payments Floridians have received from BP.
 
Throughout this disaster, while jobs are being lost and bills go unpaid, citizens looking for help from BP have often found only frustration and delay. BP should pay for this income tax loss, instead of taking much needed resources from our small business owners and other Floridians.  I hope you will do the right thing by supporting The Oil Spill Tax Relief Act of 2010, filed by Louisiana Representative Charles Melancon and co-sponsored by Florida Representative Allen Boyd. The bill is rightly modeled after legislation passed after the 9/11 terrorist attacks that exempted payments from the 9/11 Victims Compensation Fund from income taxes.  Every dollar counts right now as many Floridians struggle to get by because of the oil disaster, and this common-sense measure just makes sense for our citizens and businesses.
 
Sincerely,
 
Alex Sink


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As a statewide elected officer of the Florida Cabinet, CFO Alex Sink oversees the Department of Financial Services and serves as the State Fire Marshal.  A successful businesswoman with nearly three decades of experience in the private sector, Sink is serving her first term as Florida's CFO.  As CFO, Sink's priorities include using her business experience to cut wasteful government spending, cracking down on financial and insurance fraud and reforming the state government's contracting practices.