Local Tech Wire

RESEARCH TRIANGLE PARK, N.C. – Life science startups starved for cash are looking to capitalize on $1 billion in federal funding with the Treasury Department scheduled to issue application guidelines on May 22.

Companies seeking more information can do so at a seminar on May 14 being put on by the accounting firm Hughes Pittman & Gupton.

The research and development tax credit was included in the recently passed healthcare legislation.

As HP&G noted, the credit offers numerous benefits.

The funding “is a new discretionary tax credit for up to 50 percent of qualified biotech investments made in the 2009 and 2010 tax years,” the firm says. “Unlike other R&D credits, entities with no tax liability can also receive an immediate benefit from this credit in the form of a nontaxable cash grant. This program is particularly valuable to companies previously unable to take advantage of the R&D credits until a taxable profit is produced.”

Funding is available to firms with fewer than 250 employees.

The HP&G program will focus on:

• What is this credit is about?
• Which companies qualify?
• Which activities qualify?
• What are the accounting qualifications?
• How do you document and substantiate your costs to pass the Treasury Department’s evaluation?
• How do you get ready for May 22?
• How do you submit the best application possible?

The session starts at 9 a.m. at the RBC Center in Raleigh.

For details, visit the firm’s

Get the latest news alerts: at Twitter.