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Therapeutic Discovery Project Credit and Grant
The recently passed Healthcare Reform Act included a provision that may be a significant benefit to small or mid-size biotech companies and their investors.
The new Therapeutic Discovery Project Credit provides a 50 percent tax credit for qualified biotech investments for tax years 2009 and 2010. Although the grant or credit is not includable in gross income, it reduces the appropriate expenses or capitalized expenditures. The application for the benefit consists of Form 8942 and a Project Information Memorandum.
Click here to download Form 8942, and click here for the instructions to Form 8942.
Click here to download the Project Information Memorandum.
Contact Steve Levy at slevy@cpadonovan.com or 317-745-6411 for more information.