It is enacted by the General Assembly as follows:

SECTION 1. Chapter 18 of Title 44 of the General Laws entitled "Sales and Use Tax" is hereby amended by amending subsection (43) of section 44-18-30 as follows:

(43) Equipment used for research and development. From the sale and from the storage, use or other consumption of equipment used predominantly {ADD to the extent used ADD} for research and development purposes by a qualifying firm. For the purposes of this subdivision, "qualifying firm" shall mean a business for which the use of research and development equipment is an integral part of its operation, and "equipment" shall mean scientific equipment, computers, software, and related items.

SECTION 2. This act shall take effect upon passage.