SB 688 - A tax credit for a portion of qualified research expenses, as defined in federal law, expired on December 31, 2004. This act reauthorizes such tax credit, which shall be equal to 15% of qualified research expenses, or 20% of qualified research expenses if done in conjunction with a public or private college or university located in this state, as described in the act. Tax credits shall not be issued for any qualified research expenses that exceed 200% of the taxpayer's average qualified research expenses incurred during the three immediately preceding tax years. Tax credits issued under the act shall not be refundable, but may be carried forward for the twelve succeeding tax years, and may be transferred, sold, or assigned. A taxpayer shall not receive tax credits in excess of $300,000 in a calendar year. This act also authorizes a sales tax exemption for the purchase of qualified research and development equipment and property, as defined in the act. Tax credits issued under the act shall not exceed ten million dollars in any year, provided that five million dollars of such tax credits shall be reserved for minority business enterprises, women's business enterprises, and small businesses, as defined in the act. The provisions of this act shall sunset on December 31, 2028, unless reauthorized by the General Assembly. This act is identical to a provision in SS/HB 2400 (2022) and HCS/SS#2/SCS/SB 968 (2022), and is substantially similar to HB 1579 (2022), SCS/SB 545 (2021), and HCS/HB 690 (2021), and to a provision in SS/SCS/SB 354 (2021). JOSH NORBERG