By Michael Kitchen
LOS ANGELES (MarketWatch) — J.P. Morgan Chase & Co. /quotes/comstock/13*!jpm/quotes/nls/jpm (JPM 44.72, +0.14, +0.31%) is close to striking a deal for a tax refund of as much as $1.4 billion, due to a little-noticed clause in an economic stimulus bill, The Wall Street Journal reported, citing people familiar with the matter. The law in question allows companies apply losses from 2008 or 2009 against taxes paid in the previous five years, instead of the previous two years, the report said. As a result, J.P. Morgan would seek more than half the total $2.6 billion in tax refunds that would apply to failed Seattle thrift Washington Mutual, which it bought in 2008. The report estimated that at least 250 other companies expect about $12 billion in federal tax refunds under the law.