What is the Qualifying therapeutic discovery Project Tax Credit?

• Position: IRS NEWS

The Qualifying Therapeutic Discovery Project Tax Credit is provided under the new Internal Revenue Code Sec. 48D, enacted as part of the Patient Protection and Affordable Care Act of 2010 (P.L 111-148). The credit is a tax benefit targeted to therapeutic discovery projects that show a reasonable potential to:

* Result in new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions,

* Reduce the long-term growth of health care costs in the United States, or

* Significantly advance the goal of curing cancer within 30 years.

Allocation of the credit will also take into consideration which projects show the greatest potential to create and sustain high-quality, high-paying U.S. jobs and to advance U.S. competitiveness in life, biological and medical sciences. The credit is only available to taxpayers...