The health-care-reform act contains a tax credit that will help biotech companies, according to a new alert by Cincinnati law firm Keating Meuthing & Klekamp PLL.

The "qualifying therapeutic discovery project tax credit" is available for tax years beginning in 2009 and 2010. It is equal to 50 percent of investment in such projects, the firm reports.

To apply, a company must have no more than 250 employees and be working on tools related to prevention, diagnosis or treatment of diseases or conditions. It's possible to apply for a grant in lieu of the credit.

The secretary of the Treasury is authorized to award up to $1 billion in credits.

Priorities of the new program include reducing long-term health-care costs, creating jobs and helping to "significantly advance the goal of curing cancer within 30 years."