May 24, 2012

IRS Releases Form 8942 for Qualified Therapeutic Discovery Projects

Andrews Kurth LLP - Straight Talk is Good Business ®
Will S. Becker
Thomas R. Popplewell
Thomas W. Ford, Jr.
Robert J. McNamara
Andrews Kurth LLP
Wednesday, June 23, 2010
Tax
All States
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As we previously discussed in our e-alerts on April 20, 2010 and June 2, 2010, a new nonrefundable investment tax credit for certain taxpayers with “qualified investment” in a “qualified therapeutic discovery project" (a “QTDP”) was created in recently enacted health care legislation. A taxpayer also may request a cash grant in lieu of the investment tax credit (the “QTDP tax credit”). On June 18, 2010, the Internal Revenue Service (the “IRS”) issued Form 8942, the application to qualify for the QTDP tax credit or cash grant.

Completed applications must be post-marked no later than July 21, 2010 for the primary allocation round. The IRS does not anticipate any additional allocation rounds. The IRS will make award certifications to applicants by October 29, 2010.

More Information

Click here for the full text of Form 8942 (PDF)

Click here for the form instructions (PDF)

For additional information, taxpayers also may contact the IRS at ACASec9023@irs.gov or the Department of Health and Human Services at QTDP@mail.nih.gov.

Treasury Circular 230 Disclosure - This disclosure is provided to comply with Treasury Circular 230. This written advice is not intended or written to be used, and it cannot be used, by any person for the purpose of avoiding tax penalties that may be imposed on the person.

This information is available for educational purposes only. Receipt of this communication does not create an attorney-client relationship with Andrews Kurth LLP and this memorandum does not offer specific legal advice to any person. Do not use this information as a substitute for specific legal advice.

© 2012 Andrews Kurth LLP

About the Author

Will S. Becker

Will's practice focuses on federal income tax matters and Texas margin tax and sales and use tax matters, with an emphasis on real estate, asset securitization, corporate mergers and acquisitions and corporate spin-offs and split-offs. Will assists clients in analyzing such tax matters and their impact on corporations, S corporations, partnerships, limited liability companies, real estate investment trusts, real estate mortgage investment conduits, hedging transactions and other derivatives. Additionally, Will has assisted nonprofit clients in forming public charities and private...

willbecker@andrewskurth.com
214.659.4406
www.andrewskurth.com

About the Author

Thomas R. Popplewell
Partner

Tom is experienced in real estate income tax matters, in structuring and implementation of U.S. and international asset securitization and in mergers and acquisitions of corporations. He also advises clients on Texas taxes, and on federal income taxation issues and their impact on partnerships, limited liability companies, corporations, S corporations, real estate investment trusts, hedging and other derivatives, bankruptcy matters, renewable energy, asset-backed and mortgage-backed securitization and REMICs. In these matters Tom often represents pension fund advisors, tax-exempt...

tpopplewell@andrewskurth.com
214.659.4480
www.andrewskurth.com

Contributors

Thomas W. Ford, Jr.

Tom's practice includes experience in the federal income taxation of business transactions and business entities, including formations, mergers and securities offerings of partnerships (publicly traded "master limited partnerships" and private) and joint ventures and dispositions of interests therein; mergers, acquisitions and spin-offs of corporations; royalty trusts; real estate investment trusts; financially troubled entities, including financial institutions; and experience in structuring transactions based on Section 29 of the Internal Revenue Code, which...

tford@andrewskurth.com
713.220.4498
www.andrewskurth.com

About the Author

Robert J. McNamara

Robert’s principal area of practice is federal income tax law with an emphasis on domestic business transaction planning. He has significant experience advising publicly-traded partnerships (MLPs) on capital formation and acquisition activities and has served as tax counsel to both issuers and underwriters in connection with numerous debt offerings. Robert also advises clients on federal income and Texas state tax issues in mergers and acquisitions, including tax-free reorganizations and like-kind exchanges.

rmcnamara@andrewskurth.com
713.220.4413
www.andrewskurth.com

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