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Therapeutic Tax Credit Deadline Looms

Posted 12:44 PM by

A new incentive in the recent healthcare legislation was established for companies that have invested in expenses related to therapeutic discovery projects. Applications will only be accepted only through July 21, 2010, so the time to act is now.

The credit or grant is for 50 percent of qualified expenses – up to a maximum of $5 million – for projects designed to:

  • Treat or prevent diseases or conditions by conducting pre-clinical activities, clinical trials, and clinical studies, or carrying out research protocols;
  • Diagnose diseases or conditions or to determine molecular factors related to diseases or conditions by developing molecular diagnostics; or
  • Develop a product, process, or technology to further the delivery or administration of therapeutics.

Approval or denial will occur by October 29, 2010.

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Katz, Sapper & Miller’s Tax Services Group has a well-earned reputation for providing strong and successful advocacy in federal and state tax matter. Dedicated to guiding our clients through the complex tax environment, we can help you maximize cash flow with limited liability. Learn more.

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