IRS Sets 1-Month Application Window on Therapeutic Discovery Credit

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IRS issues anticipated guidance on a recently enacted tax credit for therapeutic discovery projects, outlining a one-month application window and assuring taxpayers that submissions cannot be made until the agency publishes the form that must be used. Applications for credit certification must be made on Form 8942, which will be released no later than June 21, IRS says in Notice 2010-45. IRS will determine whether to certify all or a portion of a company's qualified investment eligible for the credit or grant after HHS reviews all applications from eligible taxpayers, it says in the notice.