Friday, June 18, 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, June 18, 2010, the Internal Revenue Service released Form 8942, the application to receive a tax credit or grant. The Wyrick Robbins Tax Practice Group and Life Science Industry Team have prepared a Client Alert describing the application timetable and providing other guidance. The Client Alert also includes a direct link to the application form.