Page:United States Statutes at Large Volume 124.djvu/907

 124 STAT. 881 PUBLIC LAW 111–148—MAR. 23, 2010 in paragraph (1)(A) taken into account in determining the credit under section 48D for the taxable year, if— ‘‘(A) the amount of the portion of the credit determined under such section with respect to such expenses, exceeds ‘‘(B) the amount allowable as a deduction for such taxable year for such expenses (determined without regard to paragraph (1)), the amount chargeable to capital account for the taxable year for such expenses shall be reduced by the amount of such excess. ‘‘(3) CONTROLLED GROUPS.—Paragraph (3) of subsection (b) shall apply for purposes of this subsection.’’. (d) CLERICAL AMENDMENT.—The table of sections for subpart E of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 48C the following new item: ‘‘Sec. 48D. Qualifying therapeutic discovery project credit.’’. (e) GRANTS FOR QUALIFIED INVESTMENTS IN THERAPEUTIC DIS- COVERY PROJECTS IN LIEU OF TAX CREDITS.— (1) IN GENERAL.—Upon application, the Secretary of the Treasury shall, subject to the requirements of this subsection, provide a grant to each person who makes a qualified invest- ment in a qualifying therapeutic discovery project in the amount of 50 percent of such investment. No grant shall be made under this subsection with respect to any investment unless such investment is made during a taxable year beginning in 2009 or 2010. (2) APPLICATION.— (A) IN GENERAL.—At the stated election of the applicant, an application for certification under section 48D(d)(2) of the Internal Revenue Code of 1986 for a credit under such section for the taxable year of the applicant which begins in 2009 shall be considered to be an applica- tion for a grant under paragraph (1) for such taxable year. (B) TAXABLE YEARS BEGINNING IN 2010.—An application for a grant under paragraph (1) for a taxable year beginning in 2010 shall be submitted— (i) not earlier than the day after the last day of such taxable year, and (ii) not later than the due date (including exten- sions) for filing the return of tax for such taxable year. (C) INFORMATION TO BE SUBMITTED.—An application for a grant under paragraph (1) shall include such informa- tion and be in such form as the Secretary may require to state the amount of the credit allowable (but for the receipt of a grant under this subsection) under section 48D for the taxable year for the qualified investment with respect to which such application is made. (3) TIME FOR PAYMENT OF GRANT.— (A) IN GENERAL.—The Secretary of the Treasury shall make payment of the amount of any grant under paragraph (1) during the 30-day period beginning on the later of— (i) the date of the application for such grant, or (ii) the date the qualified investment for which the grant is being made is made. 26 USC 48D note. Applicability.