42-5076. Owner builder sales classification;
definitions
A. The owner builder sales classification, comprised of persons who sell real
property as improved at any time on or before the expiration of twenty-four months after
the improvement is substantially completed, meaning suitable for the use or occupancy
intended, shall be subject to tax under this classification for the purpose of taxing the
sale of those improvements incorporated within that twenty-four month period.
B. The purchase of tangible personal property for incorporation into any realty
improvement, building, highway, road, railroad excavation, or other structure, project,
development or improvement is subject to the tax computed on the sales price thereof,
except for the purchase of tangible personal property which sale has already been
subjected to the tax imposed under section 42-5061.
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