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

The Treasury Secretary defines a "qualifying therapeutic discovery project" as one that is designed to:

  • treat or prevent diseases or conditions by conducting pre-clinical activities, clinical trials and clinical studies, or carrying out research protocols, for the purpose of securing approval from the FDA;
  • diagnose diseases or conditions or to determine molecular factors related to diseases or conditions by developing molecular diagnostics to guide therapeutic decisions; or
  • develop a product, process, or technology to further the delivery or administration of therapeutics.

Expenses that qualify include costs paid or incurred that are directly related to the conduct of a qualifying therapeutic discovery project, Drzal noted. "Costs that do not qualify include compensation paid to the CEO and certain other officers, interest expenses, facility maintenance expenses such as rents and insurance, and indirect costs such as general and administrative costs," he explained.

In considering the applications, the Secretary is required to take into consideration only those projects that show a "reasonable potential" to result in new therapies to treat areas of unmet medical need, or to prevent, detect or treat chronic or acute diseases and conditions. Projects that could reduce long-term health care costs in the United States or significantly advance the goal of curing cancer within 30 years will also be considered.

"Under the healthcare reform bill, highest consideration for these credits and grants will be afforded those projects that have the 'greatest potential' to create and sustain high-quality, high-paying jobs in the United States," Drzal noted, "as well as those that might advance

SOURCE LeClairRyan
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