Client Alert
| May 27, 2010
Update for Small Biotechs and Pharmas: Treasury Publishes Guidelines for Qualifying Therapeutic Discovery Project Program, Sets July 21 Deadline for Applications
On May 21, 2010, by Internal Revenue Service Notice 2010-45 (“Notice”), the U.S. Department of the Treasury (“Treasury”) announced the establishment of the Qualifying Therapeutic Discovery Project program pursuant to Section 9023(a) of the Patient Protection and Affordable Care Act of 2010 (“Affordable Care Act”). Under the Qualifying Therapeutic Discovery Project program, the Internal Revenue Service (“the Service”), in consultation with the Department of Health and Human Services (“HHS”), will certify $1 billion in nonrefundable tax credits or, if elected, grants in lieu of credits for qualified investments in projects that show significant potential to produce new and cost-saving therapies, create and sustain good jobs, and increase US competitiveness in the fields of life, biological and medical sciences.
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This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
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