June 18, 2010

Form 8942 Released: Patient Protection and Affordable Care Act Tax Credit and Grant for Qualifying Therapeutic Discovery Projects

Filed under: SEBIO News — admin @ 4:34 pm

Washington, DC - Today the IRS released Form 8942, the application to receive a tax credit or grant for qualifying therapeutic discovery projects. A completed application will require both a Form 8942 and an attached Project Information Memorandum, and a seperate application is required for each qualifying project. The IRS will award a total of up to $1 billion in credits or grants under the program. In considering the application, the IRS will certify up to $10 million in qualified expenses for each taxpayer, regardless of the number of qualified projects. A maximum of $5 million will be awarded to each taxpayer.

The application timeline is as follows:

July 21, 2010: Application period ends, deadine to postmark applications

September 30, 2010: End of preliminary review of applications

October 1, 2010: Applications deemed officially submitted

October 29, 2010: Approval or denial of certification made

Payments to taxpayers that intially request a grant may be authorized to be made as soon as October 29, 2010 for 2009 grants and 30 days after the end of the taxpayer’s 2010 tax year for 2010 grants.

For more information and to access Form 8942, go to: http://www.irs.gov/app/picklist/list/formsInstructions.html?value=8942&criteria=formNumber.

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