November 29, 2020

Volume X, Number 334

Advertisement
Advertisement

IRS Releases Form 8942 for Qualified Therapeutic Discovery Projects

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.

Copyright © 2020, Hunton Andrews Kurth LLP. All Rights Reserved.National Law Review, Volume , Number 174
Advertisement

TRENDING LEGAL ANALYSIS

Advertisement
Advertisement

About this Author

Robert J. McNamara, Federal Tax Attorney, Andrews Kurth Law firm
Partner

Robert’s practice focuses on advising U.S. based businesses and investors on federal income tax matters with an emphasis on business transaction planning. Robert regularly counsels publicly-traded partnerships (MLPs) on a wide variety of tax issues, including formation, on-going qualification, and acquisition and disposition activities. Robert handles the tax aspects of public and private offerings of debt and equity securities and has advised companies on numerous public and private acquisitions, dispositions and joint ventures, including tax-free reorganizations and like-kind exchanges...

713-220-4413
Thomas R. Popplewell, Real Estate Income Tax Attorney, Andrews Kurth Law Firm
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, fund formations, 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...

214-659-4480
Thomas W. Ford, Jr., Tax Attorney, Andrews Kurth Law Firm
Partner

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; oil, gas and mineral transactions; mergers, acquisitions and spin-offs of corporations; royalty trusts; real estate investment trusts; and financially troubled entities, including financial institutions.

713-220-4498
Advertisement
Advertisement