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The Affordable Care Act created  a new tax credit for biotechnology research, which will grow jobs, save lives, and bring down health care costs.

As part of the review process for research projects, the Department of Health and Human Services (HHS) will evaluate each project for its potential to produce new therapies, address unmet medical needs, reduce health care costs or advance the goal of curing cancer. Only projects that show a reasonable potential to meet one or more of these goals will be certified as eligible for the credit.  Several companies in Georgia, from start-up firms, to more mature organizations, have been leading the way in health research.  These grants and credits will help grow these firms and create jobs. The formal application window will be open from June 21 to July 21, 2010.

To learn more about the tax credit, you can read a fact sheet here and the full IRS Notice on the tax credit here.