(1) The general assembly declares that the purpose of the tax expenditure in this section is to minimize the negative impact of the business personal property tax on businesses.

(2) As used in this section, unless the context otherwise requires:

(a) "Property tax" means the ad valorem tax imposed pursuant to section 3 of article X of the state constitution but does not include public utilities assessed pursuant to section 39-4-102, and does not include the graduated annual specific ownership tax imposed pursuant to section 6 of article X of the state constitution.

(b) "Taxpayer" includes an organization exempt from federal taxation pursuant to section 501 (c) of the internal revenue code.

(3)

(a) For income tax years commencing on or after January 1, 2019, a taxpayer is allowed a credit against the tax imposed by this article 22 equal to the property tax paid in Colorado during the income tax year on up to eighteen thousand dollars of the total actual value of the taxpayer's personal property.

(b) A taxpayer may not claim a tax credit under this section for the payment of delinquent property taxes that were owed for a prior property tax year.

(c) The amount of the credit under this section that exceeds the taxpayer's income taxes due is refunded to the taxpayer.

(4) To claim a credit under this section, a taxpayer must submit to the department of revenue a copy of a property tax statement described in section 39-10-103 for all of the taxpayer's personal property for the property tax year for which the credit is claimed.