Friday, May 21, 2010
The Patient Protection and Affordable Care Act of 2010 and the Health Care and Education Reconciliation Act of 2010, passed by Congress in March, created a two-year temporary income tax credit or grant applicable to qualifying therapeutic discovery projects. Today (May 21, 2010), the Internal Revenue Service announced the procedures for applying for those tax credits and grants. The Wyrick Robbins Tax Practice Group and Life Science Industry Team have prepared a Client Alert (one-page download) describing those procedures and the associated timetable. The Client Alert also includes a direct link to the IRS Notice.