An important financial incentive for “therapeutic discoveries” was included in the recent health care legislation. The rules are out for this new Section 48D tax credit, and there’s not a lot of time to prepare. Here’s the scoop:

Q: Who can apply?

A: A firm with 250 or fewer employees (including employees of affiliates and subsidiaries).

Q: When can my firm apply?

A: Between June 21 and July 21, 2010. Awards will be announced by October 29, 2010.

Q: Is it better to apply early?

A: It doesn’t matter as long as you get your application in on time. This is not a race. All applications submitted within the window will be evaluated without weighing the time of receipt. (A firm may apply separately for each qualifying therapeutic.)

Q. Is this a credit or a grant?

A: The law allows an applicant to designate which type of award it seeks. There is no difference in qualifying factors or application process. Because we expect more…

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