Local biotechnology companies to collect $4.5 million in health care grants

Monday, November 08, 2010

The health care reform act is pumping $4.5 million worth of tax credits or grants into 10 Alachua County biotechnology companies, all but one of them University of Florida startups.

The Qualified Therapeutic Discovery Project tax credit was created as part of the Patient Protection and Affordable Care Act of 2010, allocating as much as $1 billion total to companies with 250 employees or fewer based on their ability to treat diseases, reduce health care costs and create jobs.

The companies can receive a grant in lieu of the tax credit.

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