News
Treasury Releases New Guidance For $1in Billion Tax Credits In Affordable Care Act To Support Groundbreaking Biomedical Research
The U.S. Department of the Treasury today announced the guidelines for applying for the new Therapeutic Discovery Project Program created by the Affordable Care Act. The program will provide tax credits and grants to small firms that show significant potential to produce new and cost-saving therapies, support good jobs and increase U.S. competitiveness…
The guidance released today by the Internal Revenue Service (IRS) describes the process by which firms can apply to have their research projects certified as eligible for the credit. Companies may submit applications for certification beginning June 21, 2010, and applications must be postmarked no later than July 21, 2010. As part of the review process for research projects, the Department of Health and Human Services (HHS) will evaluate each project for its potential to produce new therapies or reduce health care costs. Only projects that show a reasonable potential to meet these goals will be certified as eligible for the credit. The IRS will issue certifications by the end of October based on the determinations made by HHS. >>Read More http://www.ustreas.gov/press/releases/tg712.htm
Fact sheet on new guidance for the Therapeutic Discovery Credit http://www.treas.gov/press/releases/reports/5.21.10%20therapeutic%20discovery%20fact%20sheet.pdf
Full IRS Notice on the Therapeutic Discovery Credit http://www.irs.gov/pub/irs-drop/n-10-45.pdf
WBBA wants to be sure that our members have the information they need to compete for the Therapeutic Discovery Project Credit. Treasury released the guidelines today and there will be a short window for applications. BIO, the national biotech organization, and WBBA members Free Mind and KPMG are each offering a free webinar on the topic. The webinars all take place over May 24, 25, and 26. The webinars are presented here in order of occurrence.
May 24: Therapeutic Discovery Project Tax Credit and Cash Grants Program, Presented by FreeMind- FREE http://www.washbio.org/associations/11076/files/FreemindRDWebinar.pdf
May 25: After the Guidance is Issued: New Investment Tax Credit for Qualified Therapeutic Discovery, Presented by KPMG- FREE http://www.kpmginstitutes.com/healthcare-pharma-institute/events/pharma-after-the-guidance-48d.aspx
May 26: Therapeutic Discovery Tax Credit Program: Rules and Processes, Presented by BIO http://therapeutic-tax-credit-webinar.strategy-nets.net/wiki
This webinar will be of no charge to WBBA core “R&D” members. When you register you will be provided with 5 options.
Select the appropriate category and an email box will pop up. Please list "WBBA" and a code will be sent to you.
Each webinar requires pre-registration so register today!
Patti McKinnell Davis, Director, Public Affairs
Washington Biotechnology & Biomedical Association
2324 Eastlake Ave. East, Ste 500
Seattle, WA 98102
Office 206-732-6706
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