Biotech Companies Working With Tax Point Advisors Receive Maximum Grant Awards

FOR IMMEDIATE RELEASE
Los Angeles, California, United States of America (Free-Press-Release.com) November 9, 2010 -- U..S. biotechnology companies throughout the country announced today that they received the maximum awards provided by the U.S. government for a program for grants under the Qualifying Therapeutic Discovery Project (“QTDP”) Program. The Companies had submitted grant applications this Summer, and projects were selected jointly by the Treasury Department and the Department of Health and Human Services.

In order to qualify for the QTDP grants, the projects had to have the potential to develop new treatments that address “unmet medical needs” or chronic and acute diseases; reduce long-term health care costs; represent a significant advance in finding a cure for cancer; advance U.S. competitiveness in the fields of life, biological and medical sciences; or create or sustain well-paying jobs, either directly or indirectly. The QTDP was created by Congress in March 2010 as part of the Patient Protection and Affordable Care Act, and provides a tax credit or a grant equal to 50% of eligible costs and expenses for tax years 2009 and 2010.

The Companies engaged Tax Point Advisors, a renowned specialty tax services firm, to assist with the identification of eligible costs and expenses and the preparation of the grant applications.

About Tax Point Advisors

Tax Point Advisors is an independent tax services firm that works with clients to ensure that they receive the full benefits of all available federal and state government sponsored tax credit and incentive programs, such as the QTDP Program and the Research and Development tax credit. Tax Point Advisors has technical expertise in the medical industry, and is the premier resource for medical companies who want to claim Research and Development credits. Tax Point Advisors serves a broad spectrum of clients, from start-ups to the largest Fortune 1000 companies, in nearly every industry and has offices throughout the U.S.

More information can be found online at http://www.taxpointadvisors.com

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