Robert Menendez

Menendez Announces $53 Million in Tax Credits and Grants for Small NJ Biotech Firms through Program he Authored

133 emerging biotech firms in NJ will receive $53 million in tax credits to support most promising research and development

November 3, 2010

Washington – Today, the Department of the Treasury and the Department of Health and Human Services unveiled a list of 133 small biotechnology firms in New Jersey who were awarded $53 million in tax credits and loans under a program authored by US Senator Robert Menendez as part of the health insurance reform law. The Qualifying Therapeutic Discovery Project seeks to spur innovation and the development of new technologies in the biotech field by providing tax credits to small and emerging biotechnology firms of up to 50 percent of their investments in qualified therapeutic discovery projects that have the potential to address unmet needs and lower health care costs.

A total of $1 billion in credits and grants will be used to fund the most promising research in areas of unmet need, reduce long-term health care costs, help New Jersey stay at the forefront of innovation, and advance the goal of finding a cure for cancer within the next 30 years. The projects selected also showed a great potential to create and sustain high-quality, high-paying jobs and advance the United State’s competitiveness in the fields of life, biological, and medical sciences.

"I authored this program as a boost to our state and nation's health care and economy, and I am excited to see it come to fruition. These funds will allow small biotech firms to invest in the medical breakthroughs of tomorrow, the jobs and economic growth that come with them, and help to find a cure to some of the diseases we hope to conquer. New Jersey is an epicenter of biotechnology innovation, which is why 133 small firms in our state will receive a total of $53 million in tax credits. That will translate into more quality jobs locally and better health care for everyone.” said Senator Menendez.

NJ organizations eligible for a Qualifying Therapeutic Discovery Program credit: http://www.irs.gov/businesses/small/article/0,,id=228727,00.html

NJ organizations awarded a Qualifying Therapeutic Discovery Program Grant: http://www.irs.gov/businesses/small/article/0,,id=229001,00.html

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