Carteret County
Home Builders Association
 





 
 
 

CCHBA Punch List - December 19, 2016

12/19/2016 1:29 PM | Teri Edwards (Administrator)
A quick update on what's happening at the CCHBA office and in the home building industry.
     

CCHBA 
Punch List
 
  Date: December 19, 2016
 



Important Sales Tax Changes Affecting Residential Construction

The NC Department of Revenue (DOR) has released its E-589CI, Affidavit of Capital Improvement, which generally will be required to substantiate that a contract, or a portion of work to be performed to fulfill a contract, is to be taxed for sales and use tax purposes as a real property contract with respect to a capital improvement for real property. 
 
NCHBA has prepared a summary explanation of these changes in the sales and use tax applicable to residential construction, amended to include information about the newly released affidavit. Click here to download our summary.
 
In short, labor charges for new construction and most remodeling activities are not subject to sales tax on labor because they will meet the definition of "capital improvement" pursuant to a "real property contract".
 
However, except in limited circumstances, the DOR is requiring that E-589CI be provided by a general contractor to a subcontractor to substantiate that the subcontractor's labor is for a "capital improvement". DOR states that failure to provide this form "subjects the transaction to tax as a retail sale of repair, maintenance, and installation services."
 
Our summary also contains links to directives issued on 11/15/16 by the Department of Revenue about these changes.
 
FOR MORE INFORMATION: Contact Mike Carpenter, mcarpenter@nchba.org, or Tim Minton, tminton@nchba.org, or call NCHBA at (800) 662-7129.

 

Last Day to Register for the Party!!!

Call Teri at 726-1475 NOW!!


EAT. DRINK. BE MERRY.


Come join us at the Sanitary Restaurant on Wednesday, December 21, at 6 PM for a relaxed socializing event with a Cash Bar & heavy hors d'oeuvres - 


THAT MEANS OYSTERS!!!


We're looking forward to an evening of merriment and joy with no meetings, no commitments, and no Scrooges.


We need a count so we can order enough food for everyone, so YOU MUST PRE-REGISTER!!


If you are not on the list, you will be charged $20 at the door. 


Event Sponsors:









 
HOT OFF THE PRESS!!




Start the New Year With CCHBA


Attend the Past Presidents Dinner and Board Installation

6 PM

Wednesday, January 18, 2017

Tight Lines Pub & Brewing Company


Prime Rib and Fried Shrimp Buffet

$25 per person


Celebrating our Leaders Past and Present

Register here

CASH BAR

Click Here 

for the 2017

 CCHBA Event Calendar







                       







Copyright © 2016 Carteret County Home Builders Association.
All rights reserved.
Contact email: carterethba@earthlink.net


PO Box 1348 * Morehead City, NC 28557 Office 252.726.1475 * Email carterethba@earthlink.net                    
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