Biotechnology and medical research companies received roughly $1 billion in tax credits and grants under the American Recovery and Reinvestment Act of 2009, federal officials announced.
$1 billion in research grants, tax credits announced
Companies with fewer than 250 workers were eligible to apply for credits or grants of up to $5 million for projects with potential to treat unmet medical needs; reduce the long-term growth of U.S. healthcare spending; or make significant gains to cure cancer in the next 30 years, according to the Internal Revenue Service.
The Treasury, HHS and the National Institutes of Health announced the award recipients. Roughly 2,920 companies in 47 states received aid.
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