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.
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