Rep. Aims To Kill Tax Break In JPMorgan's $13B MBS Deal

Law360, New York (November 4, 2013, 2:01 PM EST) -- Rep. Peter Welch, D-Vt., said Friday that he had introduced legislation to bar JPMorgan Chase & Co. from claiming a massive tax deduction on a rumored $13 billion settlement the bank is crafting with the U.S. Department of Justice related to mortgage-backed securities.

Welch's legislation, the Stop Deducting Damages Act, would apply to all corporations and prevent them from “reaching into the taxpayer's pocket to pay their fines for breaking the law,” Welch said.

The lawmaker said he released previous versions of the bill in 2010...
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