Tax measured on accrual basis.

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10-46B-1.1. Tax measured on accrual basis.

The secretary of revenue shall allow contractors to report and pay contractor's excise tax measured by gross receipts upon an accrual basis if:

(1)The contractor has not changed his basis in the previous calendar year;

(2)The contractor's records are kept in a manner which may be audited to determine whether contractor's excise tax and use tax are paid for all realty improvement contracts;

(3)The contractor has made a written request to the secretary of revenue for authority to pay tax on the accrual basis; and

(4)Authority to pay tax on the accrual basis applies only to realty improvement contracts commencing after the authority is granted.

Source: SL 1990, ch 93, §4; SL 2003, ch 272 (Ex. Ord. 03-1), §82; SL 2011, ch 1 (Ex. Ord. 11-1), §161, eff. Apr. 12, 2011.


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