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File Now for $5M Fed Tax Credit

Get the lead out if you want to bring the bread in.

The Biotechnology Center has identified at least 164 North Carolina firms developing new medical therapies that are eligible to apply until next Wednesday, July 21, for up to $5 million each in federal tax credits and grants.

The windfall is possible because of the Qualified Therapeutic Discovery Project tax credit, part of the federal healthcare reform act.

Eligible therapies:
Fill an umnet medical need
Reduce healthcare costs, or
Advance the goal of curing cancer

The for-profit companies across North Carolina that fit the criteria are small businesses, employing 2,047 people -- an average of 12 per firm. The average age of these companies is 8 years (i.e. founded in 2002).

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