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Guidance released for $1 billion in tax credits

This article was originally published in The Gray Sheet

Executive Summary

Beginning June 21, qualifying companies with 250 or fewer employees may apply for the new Therapeutic Discovery Project Program tax credit, assuming their projects "show a reasonable potential" to address unmet medical needs, reduce health care costs or advance cancer research. The application period runs through July 21, 2010. HHS will evaluate applications and the IRS will issue certifications no later than Oct. 29, 2010. Individual tax credits of up to $5 million are available per qualifying firm to cover up to 50% of the cost of qualifying biomedical research in 2009 and 2010. Firms can opt for a grant instead. The Treasury Department and National Institutes of Health jointly announced the 1guidelines on May 21. Authorization for the tax credit was included in the recent health reform law
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