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Contractor's Gross Receipts Tax Credit
You can claim a credit against your income tax liability for the public contractor's gross receipt tax that your business paid. Your credit is the gross receipts tax you paid throughout the year after you have applied your gross receipts tax against your personal property taxes. If you report your income from your contracts on the percentage-of-completion method, your credit will need to be prorated accordingly. Your credit cannot exceed your tax liability and any credit balance remaining can be carried forward up to five subsequent years. When you claim this credit, attach to your income tax return a schedule that identifies the contractor's name, the date and the amount of the contract, the primary contractor, the subcontractor and the location of the job.
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