June 17, 2008

Sen. Murkowski Pushes Bill to Give Tax Break on Exxon Valdez Punitive Damages Award

The Anchorage Daily News reports that Alaska Senator Lisa Murkowski is trying to push a bill through Congress to give tax breaks to the plaintiffs in the Exxon Valdez case, should they receive a windfall punitive damages award. She doesn't have much time, as the Supreme Court is expected to decide the case within the next week. And if our predictions about the likely outcome of the case prove correct, the windfall won't be nearly as large as the $2.5 billion approved by the Ninth Circuit.