FDIC is at odds with JPMorgan over tax credit

03/29/2010 | Wall Street Journal, The

The Federal Deposit Insurance Corp. has become concerned about the possible implications of a $1.4 billion tax break in JPMorgan Chase's favor. The break, which the regulator previously supported, is related to the bank's acquisition of Washington Mutual. The 2009 stimulus package allows companies to apply losses during the economic downturn of 2008 and 2009 to taxes paid in the five previous years. However, the stimulus plan excludes firms that received state aid from receiving the tax breaks.

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