The Internal Revenue Service recently announced that small firms, including qualifying tax-exempt entities, may now begin applying for certification for tax credits available under the Qualifying Therapeutic Discovery Project Program, created by the Affordable Care Act (ACA). Applications must be postmarked no later than July 21, 2010.
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. While some applicants may elect to receive a grant in lieu of a credit, 501(c) organizations are not eligible for grants under the ACA provisions. For more information and guidance see IRS.gov.
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