Biotechies around the country are feeling a lot of love toward the Internal Revenue Service today. And the impact is being felt in Washington state’s biotech cluster, as 83 local biotech companies were awarded grants worth a combined $34 million, in one of the little-known postscripts to the new healthcare reform law that was enacted last spring.
This program, called the Qualifying Therapeutic Discovery Project Grants, was part of an overall tax credit and grant program set up by the IRS to support research project spending during 2009 and 2010. The total budget for the program was supposed to be $1 billion in credits and grants.
To read the full, original article click on this link: Why Do Biotechs Love the IRS Today? Washington Companies Just Got $34M in Grants | Xconomy
Author: Luke Timmerman
