Seattle WA – RIX® Technology, LLC announced the second Biotech R&D Tax Credit webinar on the new § 48D “Qualifying Therapeutic Discovery Project Credit” for small biotech companies. The first webinar was held on May 26th and filled quickly. A second webinar was immediately scheduled to accommodate those who were unable to attend. The webinar will be held on June 8, 2010 at 10 am PST. As current regulations for the biotech tax credit were released on May 21st, this webinar will focus on an explanation of the requirements of the tax credit and the current regulations, the timeline and process for applying for the credit, as well as:
o Who qualifies
o What activities qualify
o What you must do to obtain the credit
o The benefits you can receive
o Who can receive a grant
o What the current regulations say
o The timeline for filing applications and claims
o How to be prepared for future IRS audits and retain all of your Biotech Credit.
The biotech R&D tax credit provision provides for a tax credit of 50% of qualifying R&D expenses in companies with 250 employees or less. In other words, qualifying companies can spend $1m on R&D and receive $500,000 back. An especially unusual aspect of the provision is that companies who are in a non-tax paying status can receive their tax credit in the form of a grant of equal amount. Additionally, because the total available credit is capped at $1billion, will be distributed on a first come first serve basis, and applications must be submitted by July 21, 2010, companies must move quickly.
Ms. Miller, Managing Partner of The Miller Group, a tax consultancy specializing in Research Tax Credit, states: “An especially unusual provision of the new biotech credit is it’s availability to C corps, S corps and partnerships. This pass-through provision means investors can also benefit. This is significant as traditional Research Tax Credits for small biotech firms, though large in amount, are often deferred for long periods of time by tax circumstances. We are advising our clients to apply for their credits as soon as possible in order to get their share of the $1 billion available.”
Although the webinar is free, participants must register in advance and be approved in order to attend. The RIX® Biotech Webinar will be on June 8, 2010. Registration is at https://www1.gotomeeting.com/
RIX Technology LLC
RIX Technology LLC was formed in 2005 specifically to develop and market the Resource Information Xchange (RIX) technology. The founding partners are principals in The Miller Group a tax consultancy founded in 1992 specializing in Federal and State Research and Development Tax Credits.
