Arizona Account Stated for Construction Work
Description
How to fill out Account Stated For Construction Work?
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FAQ
In Arizona, contractors do not pay transaction privilege (sales) tax on the materials that they purchase. Instead, transaction privilege tax is calculated on the gross proceeds of the sales or gross income derived from the job, including labor.
The Phoenix tax rate is 2.3% on most business activities such as Amusements, Construction Contracting, Speculative Builders, Owner-Builders, Job Printing, Publishing, apartment or other Residential Real Estate Property Rental, Rental of Tangible Personal Property (except for Short-Term Motor Vehicle Rental), ...
Beginning in 2023, Arizona is doing away with a progressive tax system and instead applying a flat tax rate of 2.5% on taxable income. This tax rate will apply to income earned throughout 2023 that is reported on returns filed in 2024.
A total Transaction Privilege (Sales) Tax rate of 8.35%, (6.35% State and County, 2.00% Prescott), is imposed on the gross income of any person engaging in Construction Contracting. If tax has been neither separately charged nor separately collected, factoring of tax is allowed in computing taxable income.
Contractors may use AZ Form 5000 to purchase all materials tax free. General Contractors may use AZ Form 5005 on all contracts, taking on the liability for MRRA contracts from the subcontractor.
In Arizona, contractors do not pay transaction privilege (sales) tax on the materials that they purchase. Instead, transaction privilege tax is calculated on the gross proceeds of the sales or gross income derived from the job, including labor.
It is common sense that a contractor must meet the terms of their contract for a project, but the implied warranty is not as well known. Express warranties are covered by the two-year statute of limitations in Arizona, but implied warranties are generally covered for up to six years after the issue or defect is found.
An owner is deemed to have received and approved the general contractor's monthly progress billing 14 days after receipt, unless the owner issues a written statement detailing the items that are not approved and certified. The owner must issue the progress payment to the general contractor within seven days thereafter.