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News Flash: IRS Begins Accepting Applications for Qualifying Therapeutic Discovery Project Program (June 18, 2010)
The Qualifying Therapeutic Discovery Project tax credit is provided under new section 48D of the Internal Revenue Code (IRC), enacted as part of the Patient Protection and Affordable Care Act of 2010 (P.L. 111-148). The credit is a tax benefit targeted to therapeutic discovery projects that show a reasonable potential to:
Allocation of the credit will also take into consideration which projects show the greatest potential to create and sustain high-quality, high-paying U.S. jobs and to advance U.S. competitiveness in life, biological and medical sciences.
The credit is only available to taxpayers with no more than 250 employees. The credit covers up to 50 percent of a taxpayer's qualified investment. To provide an immediate boost to U.S. biomedical research, the credit is available for qualified investments made or to be made in 2009 and 2010. To claim the credit, a taxpayer must apply for certification of its qualified investments. The amount of the credit which a taxpayer may be allocated will be limited to a maximum of $5 million per taxpayer, and the total amount of credits available to all taxpayers is limited to $1 billion.
IRS Notice 2010-45 (PDF - 78 KB), released on May 21, 2010, describes the process by which taxpayers can apply to have a therapeutic discovery project certified as eligible for a credit or grant. The application form will be available no later than June 21, 2010, and applications must be postmarked no later than July 21, 2010. In addition to the application form, the application must include a Project Information Memorandum in the form described in Appendix A to Notice 2010-45. The IRS will issue certifications by October 29, 2010.
Frequently Asked Questions (FAQs): Tax Credit or Grant for Qualifying Therapeutic Discovery Projects
To apply, applicants must use IRS Form 8942, Application for Certification of Qualified Investments Eligible for Credits and Grants Under the Qualifying Therapeutic Discovery Project Program (Catalog Number 37748D). Applicants must also include a Project Information Memorandum in the form described in Appendix A to Notice 2010-45.