Authorizes an income tax deduction for certain research expenses

SB 349 would allow businesses or researchers to deduct certain qualified research expenses from their state income tax, reducing taxable income. It directly affects entities that incur eligible research costs, though the specific types of expenses or qualifying criteria aren't detailed in the provided abstract. The key mechanism would be a new tax deduction, similar to federal provisions but specific to state tax filings. The bill is currently pending review by the Senate Economic and Workforce Development Committee after its initial readings.