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New $5Million Tax Credit for Small BioTech Announced

Discussion in 'Action Alerts and Advocacy' started by HopingSince88, May 24, 2010.

  1. HopingSince88

    HopingSince88 Senior Member

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  2. spindrift

    spindrift Plays With Voodoo Dollies

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    Hmm... I think WPI is exempt from taxes given they are a non profit. But maybe a company they
    are working together with could make use of it.
     
  3. HopingSince88

    HopingSince88 Senior Member

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    That is a good point. I had not thought of that. The Biotech credit does not directly apply to non-profits.

    The Small Business Tax Credit does apply for non-profits: Nonprofits would be able to participate by taking the tax credit against their quarterly withholding payments. But apparently the gov't neglected to think about non-profits in the bio-tech credit bill. Oh well... it could be used if they spin off a for-profit company from their research. Or maybe the gov't could could revise the bill.

    To qualify the company must have fewer than 250 employees, and they can elect to receive a grant rather than a tax credit. Maybe we should write our congress and senate folks, yet again!
     

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