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Friday, December 19, 2014

Emerging Companies | Therapeutic Discovery Project Credit

overviewtherapeutic discovery project credit
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The Therapeutic Discovery Project Program (TDPP), was created by the Patient Protection and Affordable Care Act and signed into law by President Obama on March 23. The program will provide tax credits and grants to small biotechnology firms that show significant potential to produce breakthrough medical therapies, support good jobs and increase U.S. competitiveness.

Therapeutic Discovery Project Credit statute: Legislative text included as part of H.R. 3590, the Patient Protection and Affordable Care Act
BIO advocated for the recently enacted new Therapeutic Discovery Project Credit program, which was created as a unique opportunity for companies in a loss position to earn tax credits for up to 50 percent of many of their R&D activities, and at their option, exchange these credits for a grant, on 1:1 basis.
Read about the program

IRS Notice 2010-45: Notice that establishes the qualifying discovery project program under Section 48D of the Internal Revenue Code
This Notice provides the procedures under which an eligible taxpayer may apply for certification from the IRS and HHS of a qualified investment with respect to a qualifying therapeutic discovery project as eligible for a credit or a grant under the program.
Read the notice

IRS Form 8942: Application for Section 48D Certification
Applications for Section 48D will be made on Form 8942, "Application for Certification of Qualified Investments Eligible for Credits and Grants Under the Qualifying Therapeutic Discovery Project Program". Form 8942, along with the rest of the application, must be postmarked no later than July 21, 2010. For more information, please visit http://grants.nih.gov/.
Download the Application

Project Information Memorandum: Overview of the project for which you are seeking a credit or grant
HHS will review information provided by the applicant in the Project Information Memorandum in order to determine whether the project meets the definition of "qualifying therapeutic discovery project" and whether the applicant has demonstrated that its project shows a "reasonable potential" to meet one or more of the goals specified in the statute. The Project Information Memorandum, along with the rest of the application, must be postmarked no later than July 21, 2010. For more information, please visit http://grants.nih.gov/.
Read the Project Information Memorandum
Read a Description of the Review Process




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