Vedder Thinking | Articles Peter T. Wynacht Publishes Article in Journal of Commercial Biotechnology
Peter T. Wynacht, an Associate and member of the firm’s Tax and Estate Planning practice group, published the article “Recapping Section 48D (Qualifying Therapeutic Discovery Project Credit)—Will It Be Extended?” in a recent issue of Journal of Commercial Biotechnology.
The article’s focus is on Section 48D, which was added to the Internal Revenue Code as part of the Patient Protection and Affordable Care Act of 2010. Under Section 48D, a program was established to award cash grants and tax credits to biotechnology companies that engaged in qualifying therapeutic discovery projects. The maximum amount of cash grants and tax credits awarded under the program was $1 billion. The IRS finalized these awards in October 2010.
In the article, Mr. Wynacht discusses the specific requirements that a taxpayer had to satisfy to receive an award under the program, the impact the program had on the biotechnology industry and whether the program will be extended into future tax years.
Source: Journal of Commercial Biotechnology advance online publication, April 19, 2011.