The Patient Protection and Affordable Care Act of 2010 included a tax subsidy for eligible small biotech companies known as the "qualifying therapeutic discovery project" credit. The tax subsidy consists of $1 billion of tax credits ("Credits") or, at the taxpayer's election, cash grants ("Cash Grants") for "qualified investments" made by small biotech companies for the development of new therapies to prevent, diagnose and treat acute and chronic diseases.
On May 21, 2010, the Internal Revenue Service (the "Service") issued Notice 2010-45 (the "Notice"), which established the program and announced the procedures for applying for Credits or Cash Grants. The Notice sets forth the guidelines for the program and also includes "Appendix A" (the "Appendix"), which summarizes the submission information that will be required on the forthcoming application form. Most importantly, the Appendix includes a detailed description of the written narrative known as the "Project Information Memorandum" that must be submitted along with the application form.
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