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Details Issued Today on $1 Billion in Biotech Tax Credits and Grants
Date:5/21/2010

WASHINGTON, May 21 /PRNewswire/ -- The federal government is expected to publish details today on $1 billion in biotech-related tax credits and grants provided by the healthcare reform bill—and small- to mid-sized firms should act now if they wish to compete for these helpful incentives, urged attorney Michael P. Drzal, a member of LeClairRyan's BioPharma and Life Sciences Industry Team.

"Competition will likely be intense for these important tax credits and grants, which are available for qualified life-science investments as part of the Secretary of the Treasury's program to promote so-called 'therapeutic discovery projects,'" explained Drzal, a Blacksburg, Virginia-based shareholder in the firm who serves as general counsel to a number of biotech and other emerging companies. "Upon publication of the guidelines, those who are interested in qualifying for these credits will be able to submit their applications. They should do so quickly."

The Secretary, Drzal added, is required to approve or deny each application within 30 days of receipt. The tax credits and grants are available for small to mid-sized biotech companies defined as those with 250 or fewer employees. The incentives are equal to 50% of firms' investments in qualified therapeutic discovery projects for 2009 and 2010. "Under the Internal Revenue Code Section 48D, a biotech company with a tax liability can qualify for a tax credit and a company that has no tax liability can qualify for a non-taxable grant," Drzal said. "Therefore, if your company makes a qualified investment of $1 million, it could receive either a $500,000 tax credit or non-taxable grant, depending on its tax liability."


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SOURCE LeClairRyan
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