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Legal Briefing
Attention Small Biotechs and Pharmas: Significant New Tax Incentives for Small Therapeutic Development Companies Enacted by Health Care Reform Legislation
Practice Area: Income Tax
Sector: Healthcare
Jurisdiction: USA
Published: 23 April 2010
Law Firm: Dewey & LeBoeuf
Overview
The Patient Protection and Affordable Care Act (the “Act”) signed by President Obama on March 23, 2010 contains a significant new tax incentive for qualifying therapeutic development companies (“biotechs”) in the form of the Qualifying Therapeutic Discovery Project Credit (the “Therapeutic Tax Credit”). The Therapeutic Tax Credit allows qualifying biotechs to claim a nonrefundable credit for 50 percent of their qualified investment costs in covered projects for their 2009 and 2010 tax years.
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