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. (1) The contractor has not changed his basis in the previous calendar year;
2. (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. (3) The contractor has made a written request to the secretary of revenue for authority to pay tax on the accrual basis; and
4. (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.