IRS Provides Very Short and Fast Approaching Window to Apply for Up to $5 Million in Qualifying Therapeutic Discovery Project Credits/Grants

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In new Internal Revenue Code Section 48D, Congress provided a 50% tax credit for qualified investments in “qualifying therapeutic discovery projects” by companies with less than 250 employees. We are currently assisting several small and medium-sized biotechnology and life sciences clients to prepare their applications, but the short 30-day window to apply is quickly approaching -- and runs from June 21 to July 21. This will be the only opportunity to apply since the IRS will distribute the entire $1 billion provided for the program in this single round in consultation with the Department of Health and Human Services.

Please consult article for information and links for designations/definitions of a “qualifying therapeutic discovery project” as well as a complete summary of the IRS Requirements to apply for Qualifying Therapeutic Discovery Project Tax Credits or Grants.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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