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MA Biomedical Research Firms urged to apply for Therapeutic Discovery Tax Credit

Massachusetts Gov. Deval Patrick sent out a note  encouraging life science companies to apply for the Therapeutic Discovery Tax Credit,

 part of a new federal program that aims to support biomedical research firms throughout the U.S.

  • Application are being accepted from June 21 through July 21. Gov. Patrick’s note to urge companies to apply was supported by the Massachusetts Life Sciences Center, MassBio and MassMEDIC.

Reiterating, the tax credit, under the Affordable Care Act, that highlights biomedical research. Winning applications will be based on the companies’ new therapeutics potential, its ability to create new jobs and its potential as a US industry competitor.

  • Winning applicants, which will be notified by Oct. 29 this year, can receive a tax credit to cover up to 50% of biomedical research costs. For startups, applicants may win grants instead of tax credits.,
  • The Therapeutic Discovery Tax Credit is limited to qualifying companies with a maximum of 250 employees,
  • The U.S. Department of Health and Human Services is responsible for choosing the winning applications