Contractors Gross Receipts Tax Credit
You can claim a credit against your income tax liability for the public contractor’s gross receipts tax that your business has paid, or has been withheld and remitted on your behalf, throughout the year. The amount of credit cannot exceed your tax liability, and any credit balance remaining can be carried forward for up to five subsequent years. If you are carrying forward a credit, the oldest gross receipts tax mounts will be used first to offset credit claims.
When you claim this credit, you must provide your Contractors Gross Receipts (CGR) Account ID in the space provided. This Account ID was created when your CGR account was registered with the Department of Revenue, and is where your gross receipts tax has been deposited.
If you are requesting credit from more than one CGR account, mark the box indicating multiple accounts and include a schedule detailing how much credit should be taken from each CGR account. If you do not know your CGR Account ID, call us toll free at (866) 859-2254 (in Helena, 444-6900) and we will provide it to you.