(1) "Biotechnology" means:

(a) The application of technologies to produce or modify products, to develop microorganisms for specific uses, to identify targets for small pharmaceutical development, or to transform biological systems into useful processes or products; and

(b) The potential endpoints of the resulting products, processes, microorganisms, or targets are for improving human or animal health care outcomes.

(2) "Clean technology" means:

(a) Renewable energy generation technologies, including but not limited to solar, wind, biofuel, and geothermal energy generation technologies;

(b) Products and technologies used in renewable energy development and generation on a commercial scale; or

(c) Products and technologies that enhance the efficient extraction, collection, storage, distribution, production, or consumption of energy from any type of source.

(d) Repealed.

(3) "Medical technology" means a therapeutic or diagnostic machine or tool used to improve human or animal health.

(4) "Qualified biotechnology taxpayer" means a C corporation, as defined in section 39-22-103 (2.5), a partnership, as defined in section 39-22-103 (5.6), a limited liability company that is not a C corporation, an S corporation, as defined in section 39-22-103 (10.5), or a sole proprietorship that purchases, stores, uses, or consumes tangible personal property to be used in Colorado directly and predominately in research and development of biotechnology.

(5) "Qualified medical technology or clean technology taxpayer" means a taxpayer that:

(a) Is a C corporation, as defined in section 39-22-103 (2.5); a partnership, as defined in section 39-22-103 (5.6); a limited liability company that is not a C corporation; an S corporation, as defined in section 39-22-103 (10.5); or a sole proprietorship;

(b) Employs thirty-five or fewer full-time employees in Colorado;

(c) Is headquartered in Colorado or has more than fifty percent of its employees in Colorado; and

(d) Conducts research and development of medical technology or clean technology.

(6) "Research and development" means qualified research as defined by 26 U.S.C. sec. 41 (d)(1).

(7) "Tangible personal property" includes capital equipment, instruments, apparatus, and supplies used in laboratories, including, but not limited to, microscopes, machines, glassware, chemical reagents, computers, computer software, and technical books and manuals.