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Treasury Releases Guidance on Tax Credits and Grants Available for Certain Pharmaceutical, Biotechnology, Medical Device, and Other Healthcare Companies

On May 21, 2010, the U.S. Department of the Treasury issued Notice 2010-45, which establishes the qualifying therapeutic discovery project program under Section 48D of the Internal Revenue Code included as part of the Patient Protection and Affordable Care Act of 2010. The Notice also provides details about completing and submitting applications for a tax credit or grant under the program. As discussed in our previous client alert, Tax Credits and Grants Available for Certain Pharmaceutical, Biotechnology, and Other Healthcare Companies: Applicants Should Prepare Now, available here, pharmaceutical, biotechnology, medical device and other healthcare companies with 250 or fewer employees may be eligible to apply for a tax credit or grant with respect to certain qualifying therapeutic discovery projects under the program.

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