Qualifying Therapeutic Discovery Project Awards Announced
On November 1, the Treasury Department began announcing the recipients of awards under the Qualifying Therapeutic Discovery Project Tax Credit Program, which authorized up to $1 billion in tax credits or grants to biopharmaceutical companies with 250 or fewer employees. The awards cover up to 50 percent of the costs incurred in 2009 and incurred or expected to be incurred in 2010 in developing therapies to prevent, treat or diagnose a variety of diseases and conditions. In some cases, applicants were selected to receive awards for multiple projects. Awards of approximately $250,000 were made to most of the approximately 4,000 projects nationwide that were approved to receive grants.
“This was a very competitive grant process to implement a unique program intended to jump start the growth of the life science industry,” said Polsinelli Shughart Life Sciences Chair Kevin R. Sweeney. “A number of our clients were successful in receiving grants, and we congratulate them on moving quickly once the details of the program were announced. We applaud their dedication to the life sciences industry and to furthering the development of new therapies and treatments that will improve the overall quality of life.”
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