A bill was recently introduced in the House of Representatives that would provide significant tax incentives for life sciences research. Under current law, a 20% tax credit is available for spending on qualified research in excess of a specified base amount, subject to a number of limitations and special rules.
Under H.R. 6165, which was introduced last week, this research tax credit would be doubled (to 40%) in the case of "qualified life sciences research." The bill also doubles the elective "alternative simplified credit" for qualified life sciences research (an alternative method of calculating the research tax credit).
"Qualified life sciences research" is defined to mean qualified research with respect to the branch of knowledge or study of biology, biochemistry, biophysics, bioengineering, microbiology, genetics or physiology (relating to humans), but not sociology or psychology.
Please see full article below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.