(1)

(a) The general assembly finds and declares that:

(I) Colorado's medical technology and clean technology industries directly employ over thirty-three thousand highly skilled workers and contribute billions of dollars to the state's economy;

(II) These industries are capital intensive with the need for steady investments in research and development in order to produce the products that compete in a global economy;

(III) While the medical technology and clean technology industries are currently thriving here, there is strong competition from other states, which are creating tax breaks to attract and grow these innovative companies; and

(IV) A sales and use tax refund for items used in research and development for medical technology and clean technology would help the state retain, grow, and attract companies to Colorado and potentially allow these companies to reinvest these funds to purchase additional needed equipment and hire more employees.

(b) Now, therefore, the general assembly declares that the intended purpose of the tax refund created in this section is to create an incentive to retain, grow, and attract businesses in the medical technology and clean technology industries.

(2)

(a) For the 2015 calendar year and each calendar year thereafter prior to January 1, 2018, a qualified medical technology or clean technology taxpayer is allowed to claim a refund in an amount up to the limit established in paragraph (b) of this subsection (2) for state sales and use tax paid by the taxpayer under parts 1 and 2 of this article for tangible personal property used in Colorado directly and predominately in research and development of medical technology or clean technology.

(b) The maximum sales and use tax refund that a qualified medical technology or clean technology taxpayer is eligible to receive in a calendar year under this section is fifty thousand dollars.

(3) To claim the refund allowed by subsection (2) of this section, a qualified medical technology or clean technology taxpayer must submit a refund application to the department of revenue on a form provided by the department no earlier than January 1 and no later than April 1 of the calendar year following the calendar year in which the tax is paid. Along with the application, the taxpayer must provide proof of the state sales and use taxes the taxpayer paid in the immediately preceding calendar year. A taxpayer must also provide any additional information with the application that the department of revenue requires by rule, which may include, without limitation, a detailed list of all expenditures that support a claim for a refund, the name and addresses of an individual who maintains records of the expenditures, a statement that the taxpayer agrees to furnish records of all the expenditures to the department of revenue upon request, and the number of persons who are employed on a full-time basis by the taxpayer. The department shall not refund any moneys to a taxpayer unless the taxpayer has complied with this subsection (3).

(4) This section is repealed, effective January 1, 2019.