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.