What does the Qualifying Therapeutic Discovery Project Credit mean? Potential tax credits and tax free grants to the biotech industry!

Biotech firms with less than 250 employees have the opportunity to apply for federal tax credits and grants to help advance their research efforts

With drug development costs continually rising, it is the hope that these tax credits and grants will help assist the smaller biotech companies with their efforts in developing critical new drugs and therapeutics for various diseases and chronic medical conditions. In order to qualify for the tax credit or grant, companies need to show that its new therapies under development will meet current unmet medical needs, or will detect and treat chronic or acute diseases. Consideration will also be given to research projects that reduce long-term health care costs, or significantly advance the goal of curing cancer in the next 30 years.

The credit program has been capped at $1 billion dollars, so companies must submit an application and compete for the grants and tax credits. Applications will be available soon on the US Treasury website (http://www.ustreas.gov/).

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