Companies will be eligible for cash if they create or sustain jobs.
On 21 May the US government announced a US$1-billion programme to boost hiring and production at biotechnology companies with fewer than 250 workers. The initiative is part of the Therapeutic Discovery Project Program created by the US health-care legislation signed into law on 23 March. Awards will be tax credits or grants to cover up to 50% of basic research costs, and the US Treasury says that one criterion for earning grants will be the potential to create or sustain jobs. The economic downturn has caused layoffs and project delays throughout the industry, says Alan Eisenberg, of the Washington DC-based Biotechnology Industry Organization. “This infusion of cash will help companies get to the next milestone,” he says.
Related links
Related links
Related links in Nature Research
Related external links
Rights and permissions
About this article
Cite this article
Biotech tax credit. Nature 465, 651 (2010). https://doi.org/10.1038/nj7298-651d
Published:
Issue Date:
DOI: https://doi.org/10.1038/nj7298-651d