WASHINGTON, D.C. - November 4, 2010 - Senator Tom Harkin (D-IA) today announced that $1,771,228.41 will be coming to Iowa in tax credits and grants to promote biomedical research.  The funds will help small biotechnology companies to produce new and cost-saving therapies, support good jobs and increase U.S. competitiveness.  The funds are provided under the new therapeutic discovery project program and are administered by the U.S. Department of Health and Human Services (HHS).  The program was created under The Affordable Care Act, the historic health reform law.  As Chairman of the Senate Health, Education, Labor and Pensions (HELP) Committee, Harkin played a pivotal role in the Senate passage of that law.

"Iowa's biotechnology companies are helping to lead the way in new research that will one day improve and save lives," said Harkin.  "With these funds, we not only support the search for medical cures, which will one day help lower health care costs, we are also keeping Iowa competitive in the global biomedical industry and creating good jobs in our state.  This is truly a double win for Iowa."

According to HHS, the therapeutic discovery project program is targeted to projects that show significant potential to produce new therapies, address unmet medical needs, reduce the long-term growth of health care costs, or advance the goal of curing cancer within the next 30 years.  The allocation of the credit also reflects projects that show the greatest potential to create and sustain high-quality, high-paying jobs in the United States and to advance our competitiveness in the fields of life, biological, and medical sciences.  Today, the biotechnology industry employs 1.3 million workers, and the industry continues to be a key growth engine for our economy.  The credit covers up to 50 percent of the cost of qualifying biomedical research and is only available to firms with fewer than 250 employees.  To provide an immediate boost to U.S. biomedical research and the small businesses that conduct it, the credit is effective for investments made in 2009 and 2010.  Firms could opt to receive a grant instead of a tax credit, so start-ups that are not yet profitable can benefit as well.

Details of the Iowa projects can be found here.

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