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"Gross receipts" means the amount received directly or indirectly in money, credits, property, interest charges, penalties, liquidated damages, or other money's worth in consideration of the performance of a contract subject to tax. A contractor cannot take a deduction for the cost of the property sold, cost of the materials used, the cost of services or labor purchased, amounts paid for interest or discounts, or any other expenses or losses.
Gross receipts also include the cost or fair market value of materials provided by the owner for the contractor to install. The fair market value of the owner-furnished materials includes sales or use tax on the material.
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