(1)

(a) Except as provided in subsection (3) of this section, for the calendar year commencing on January 1, 2011, and for each calendar year thereafter, a taxpayer may claim a refund of a percentage of all state sales and use taxes paid by the taxpayer pursuant to this part 1 and part 2 of this article on the sale, storage, or use of a model year 2010 or newer truck tractor or semitrailer with a gross vehicle weight rating of fifty-four thousand pounds or greater that is purchased on or after July 1, 2011.

(b) The total refund shall be calculated by the division of motor vehicles in the department of revenue in the same manner as the division calculates the proration of the annual specific ownership tax payable on Class A personal property as specified in section 42-3-107 (4), C.R.S.

(c) The total refund shall be claimed as follows:

(I) For the calendar year in which the truck tractor or semitrailer was purchased, stored, or used, thirty-three percent of the total amount of the refund if the model year of the truck tractor or semitrailer was sold as new during such calendar year;

(II) For the first calendar year after the calendar year in which the truck tractor or semitrailer was purchased, stored, or used, thirty-three percent of the total amount of the refund if the model year of the truck tractor or semitrailer was sold as new during such calendar year; and

(III) For the second calendar year after the calendar year in which the truck tractor or semitrailer was purchased, stored, or used, thirty-three percent of the total amount of the refund if the model year of the truck tractor or semitrailer was sold as new during such calendar year.

(IV) and (V) (Deleted by amendment, L. 2010, (HB 10-1285), ch. 423, p. 2190, § 4, effective July 1, 2010.)

(2) To claim a refund allowed by subsection (1) of this section, a taxpayer shall submit a refund application to the department of revenue on a form provided by the department. The application shall be accompanied by proof of payment of state sales and use taxes paid by the taxpayer. The application shall also include any additional information that the department of revenue may require by rule.

(3)

(a) The department of revenue shall deny a claimant the sales tax refund or a portion of such refund granted in this section if the claim results in more than the amount allocated for the credit pursuant to section 42-1-225, C.R.S.

(b) To implement this section, the department of revenue shall track the amount of the refunds granted under this section.