The bill recreates and reenacts, with amendments, a refund for state sales and use tax paid by a qualified medical technology or clean technology taxpayer (qualified taxpayer). A qualified taxpayer is a business entity that:
- Employs 35 or fewer full-time employees in Colorado;
- Is headquartered in Colorado or has more than 50% of its employees in Colorado; and
- Conducts research and development of medical technology or clean technology.
From 2015 through 2019, a qualified taxpayer may claim a refund for state sales and use tax paid on tangible personal property used in Colorado directly and predominately in research and development of medical technology or clean technology. For this purpose, the definition for "clean technology" is expanded. The maximum refund a qualified taxpayer may receive for sales and use tax paid in a calendar year is $50,000. To receive a refund, a qualified taxpayer must submit an application to the department of revenue no later than April 1 of the following year and provide certain information to the department.