Donovan CPAs and Advisors, a local Indiana CPA firm, said it has helped several of its biotech company clients receive over $730,000 in tax credits and research grants.
The firm said Tuesday it has learned that each of the clients it assisted in obtaining U.S. Therapeutic Discovery Project Grants has received significant federal grant money under the program. These clients include Elona Biotechnologies, located in Greenwood, Ind., as well as others across the country. The full list of companies who received tax credits or grants under the program can be found here.
Last month, the Obama administration announced that it had awarded $1 billion worth of therapeutic discovery project tax credits and grants to nearly 3,000 companies around the country to support promising biomedical research projects (see Biomedical Research Projects Receive Tax Credits).
Steve Levy, a tax manager at Avon, Ind.-based Donovan CPAs and Advisors, helped clients with their application process. The funds are for significant amounts and are available immediately.
Levy is a national expert on the Therapeutic Discovery Project Credit program and the life sciences industry, having written articles on the subject in biotech publications such as FierceBiotech, The Burrill Report, and locally in Inside Indiana Business. He also has helped companies maximize the research credit and related incentives for over 13 years.
With the success of the Therapeutic Discovery Project program, many in Washington and in the biotech industry anticipate there will be a renewal of the program sometime in the future. Donovan CPAs and Advisors said it can help other biotech companies apply for grant opportunities, as well as help organizations understand and capture any R&D credits they may be eligible to obtain. The firm also offers financial reporting including audits, accounting, tax and advisory services.
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