IRS accepting applications for qualifying therapeutic discovery project
by AccountingWEB on
The Internal Revenue Service recently announced that small firms may begin applying for certification for tax credits or grants available under the Qualifying Therapeutic Discovery Project Program, created by the Affordable Care Act.
These credits or grants are available for projects that show significant potential to produce new cost-saving therapies, create U.S. jobs, and increase U.S. competitiveness.
Form 8942, Application for Certification of Qualified Investments Eligible for Credits and Grants Under the Qualifying Therapeutic Discovery Project Program, and its instructions are now available. Applications must be postmarked no later than July 21, 2010.
“This new tax credit was designed to promote medical research that could improve health and save lives," IRS Commissioner Doug Shulman said. "I encourage companies that are involved in this groundbreaking type of work to apply."
The qualifying therapeutic discovery project program is aimed at projects that show potential to produce new therapies, reduce long-term health care costs, or significantly advance the goal of curing cancer within the next 30 years.
The credit or grant covers up to 50 percent of the cost of qualifying biomedical research, up to a maximum credit of $5 million per firm and $1 billion overall, and is only available to firms with no more than 250 employees. Credits and grants are available for investments made in 2009 and 2010.
As part of the review process for research projects, the Department of Health and Human Services (HHS) will evaluate each project for its potential to produce new therapies, reduce long-term health care costs, or cure cancer within 30 years. Only projects that show a reasonable potential to meet these goals will be certified as eligible for the credit or grant.
The IRS will issue certifications by the end of October based on determinations made by HHS. More information, including questions and answers on this program, can be found on the Affordable Care Act page.
You may like these other stories...
IRS must take oath on Lerner emails: judgeMackenzie Weinger of Politico reported on Thursday that a federal judge ordered the IRS to explain under oath how it lost emails connected to Lois Lerner, the ex-IRS official at the...
The Republican-controlled House of Representatives passed a bill on Friday morning that would permanently extend the bonus depreciation tax break for businesses.The measure, HR 4718, which was crafted by Representative Pat...
The Republican-led House of Representatives is expected to pass a bill this week that would permanently extend the bonus depreciation tax break. But don’t expect President Obama to sign it.The Obama administration said...
Upcoming CPE Webinars
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
FRF for SMEs Series--Statement of Cash Flows, Subsequent Events, Related Party Issues, Accounting for Investments including Consolidations, Part 4A
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.