New $5Million Tax Credit for Small BioTech Announced

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.
 

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!