Feds spell out the rules on $1B biotech windfall

The federal government has fired the starting pistol on a $1 billion tax credit/grant program that could provide up to $5 million in R&D support for qualifying biotech companies. On Friday the Obama administration spelled out the rules on the new program, which is expected to be swiftly swamped by a deluge of applications.   "We expect the program to be heavily oversubscribed," BIO Spokesperson Ellen Dadisman told the Washington Post. "I think that's an indication of its popularity and...

Treasury releases Therapeutic Discovery Credit guidance

Steve Levy, C.P.A., J.D. is a Tax Manager with the Donovan CPAs and Advisors. He has specialized in the research credit and related incentives for over 13 years.  For more information about the Therapeutic Discovery Credit, visit www.cpadonovan.com.  On May 21, 2010, the U.S. Treasury released its guidance for applying for the Therapeutic Discovery Credit or Grant. The credit covers up to 50 percent of the cost of qualifying biomedical research, up to a maximum credit of $5...