The Qualifying Therapeutic Discovery Project tax credit is provided under new section 48D of the Internal Revenue Code (IRC), enacted as part of the Patient Protection and Affordable Care Act of 2010 (P.L. 111-148). The credit is a tax benefit targeted to therapeutic discovery projects that show a reasonable potential to:

1. Result in new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions,

2. Reduce the long-term growth of health care costs in the United States, or

3. Significantly advance the goal of curing cancer within 30 years.

Allocation of the credit will also take into consideration which projects show the greatest potential to create and sustain high-quality, high-paying U.S. jobs and to advance U.S. competitiveness in life, biological and medical sciences.

Restrictions to qualifying for the tax credit

1. The credit is only available to taxpayers with no more than 250 employees.

2. The credit covers up to 50 percent of a taxpayer's qualified investment.

3. To provide an immediate boost to U.S. biomedical research, the credit is available for qualified investments made or to be made in 2009 and 2010.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.

Therapeutic Discovery Projects still under observation but it takes a lot time to manage it because for this software must be to facilitate all the matter which emerge by such project so needful for this proper guidance.

Therapeutic discovery projects definitely can be completed if it can be manage by the software to facilitate the assignment where most of the people want to cover up all the issues by this software.
EMRNEWS