Client Alert: IRS Releases Application Form for Tax Credits and Grants for Qualifying Therapeutic Discovery Projects
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.