New & Events
Update: Therapeutic Discovery Project Tax Credit Program - New Information Released May 21, 2010
Today the IRS released information about the Therapeutic Discovery Project Tax Credit Program. The official release can be found in pdf format at the following link: http://www.irs.gov/pub/irs-drop/n-10-45.pdf. Click here to see our original Client Alert.
Application Window - Qualifying companies (less than 250 employees) can apply for the Tax Credit during a one-month window that will be open from June 21, 2010 through July 21, 2010.
Identification of Qualifying Projects - Qualifying projects will be identified by October 29, 2010 based on a review of applications by the Department of Health and Human Services. There is an overall cap of $1 billion for the Program. No single taxpayer will be allocated more than $5 million in credits or grants.
Qualifying Companies – Qualifying Companies, having no more than 250 employees, can apply to receive a credit for up to 50% of their Qualified Investments in a Qualified Therapeutic Discovery Project.
Qualifying Therapeutic Discovery Projects - Qualifying Therapeutic Discovery Projects are designed to further research and development of pharmaceuticals or biologics useful for treating or preventing diseases or conditions.
Qualifying Investments – Qualifying investments occur in 2009 and 2010 (or fiscal years 2010 and 2011) for expenses necessary for a Qualifying Therapeutic Discovery Projects. Particular consideration will be given to projects having great potential to create and sustain high quality, high paying U.S. jobs.
Those interested in further information can contact Mandy Wilson Decker at mdecker@stites.com.
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Mandy Wilson Decker is a Life Sciences Patent Attorney and a member of the Intellectual Property & Technology and the Health Care Service Groups. These services groups provide services ranging from intellectual property protection, to intellectual property licensing, to clinical research and clinical trial agreements, to product liability counseling to manage risk during all stages of product development and commercialization.