(1) This section shall be known and may be cited as the "Colorado Bioscience and Clean Technology Innovation Reinvestment Act". (2) (a) The general assembly hereby finds, determines, and declares that: (I) Recent legislative initiatives to expand the bioscience and clean technology segments of the Colorado economy have been both economically successful and supportive of Colorado's higher education research institutions; (II) Such initiatives have demonstrated the potential for establishing Colorado as a national leader in bioscience and clean technology; (III) Colorado efforts have been recognized as best practices for economic development of these industry sectors; (IV) Those efforts have also demonstrated the potential to expand the role of Colorado's higher education research institutions in these areas; and (V) The partnerships created between higher education research institutions and industry through these initiatives provide a model for economic development. (b) The general assembly therefore declares that it is in the best interest of the state to build on past successes and provide a long-term funding stream that enables the growth of the bioscience and clean technology industries in the state and to support Colorado's higher education research institutions. (3) As used in this section, unless the context otherwise requires: (a) "Bioscience and clean technology income tax withholding growth" means an amount equal to the withholding base subtracted from the prior year's withholding total. (b) "Bioscience or clean technology industry code" means any of the following codes within the North American industry classification system established by the federal office of management and budget: 311221, 311222, 311223, 325193, 325199, 325221, 325311, 325312, 325314, 325320, 325411, 325412, 325413, 325414, 334510, 334516, 334517, 339111, 339112, 339113, 339114, 339115, 339116, 541380, 541710, 621511, 621512, 221111, 221114, 221115, 221116, 221117, 221118, 221330, 237110, 237130, 238220, 325188, 333414, 333611, 334413, 334512, 335312, 335911, 335999, 336111, 336510, 423720, 541620, 541690, 541712, and any successor codes. (c) "Prior year's withholding total" means the total amount deducted and withheld from employees' wages and paid to the department of revenue pursuant to section 39-22-604 by employers with a clean technology industry code for the target year. (d) "Target year" means 2013 with respect to the money required to be credited to the specified cash funds beginning on March 1, 2014, pursuant to subsection (4) of this section and one calendar year later for each successive year in which money is credited pursuant to said subsection (4). (e) "Withholding base" means the annual average of the total amount deducted and withheld from employees' wages and paid to the department of revenue pursuant to section 39- 22-604 by employers with a bioscience or clean technology industry code for the three calendar years prior to the target year. (4) Notwithstanding any provision of law to the contrary, beginning March 1, 2014, and March 1 of the next nineteen years thereafter, the state treasurer shall credit an amount equal to one-half of the bioscience and clean technology income tax withholding growth from the money remitted by employers to the department of revenue pursuant to section 39-22-604 to the advanced industries acceleration cash fund created in section 24-48.5-117 (7). (5) No later than February 1, 2014, and February 1 of the next nineteen years thereafter, the executive director shall notify the state treasurer of the withholding base and the prior year's withholding total that apply to the money required to be credited beginning on March 1 of that year. (6) This section is repealed, effective July 1, 2034.
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