QSA's Week in BioPharma (#10, 2024)
SR&ED tax incentive program reforms announced; Canada Gazette updates drug and medical device fees; Patent Act fee adjustments scheduled.
Start Date: 2024-12-07
End Date: 2024-12-13
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Enhancements to the SR&ED Tax Incentive Program
The Government of Canada has announced reforms to the Scientific Research and Experimental Development (SR&ED) tax incentive program. This program, which already supports over 22,000 businesses, is set to receive an additional $1.9 billion over the next six years. Key changes include increasing the expenditure limit for the enhanced 35% tax credit from $3 million to $4.5 million, and extending eligibility to Canadian public corporations. These reforms will be effective from December 16, 2024, providing significant financial incentives for biopharma companies engaged in research and development activities.
Sources: ['Announcements: www.canada.ca']
