The Patient Protection and Affordable Care Act of 2010 provided for a Qualifying Therapeutic Discovery Project tax credit, 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.
There are some limitations, such as the credit is only available to taxpayers with no more than 250 employees. To apply, applicants must complete Form 8942, Application for Certification of Qualified Investments Eligible for Credits and Grants Under the Qualifying Therapeutic Discovery Project Program, which was just released by the Internal Revenue Service. Follow this link for additional information, and a link to the application form: http://grants.nih.gov/grants/funding/QTDP_PIM/index.htm