Licenses are issued or renewed for a one-year period, expiring on December 31st, for a fee of $75. An application for a license must be filed by the time a competitive bid is submitted on competitively bid contracts exceeding $50,000. Net revenues received from construction services are subject to a .624% gross receipts tax. Specific exclusions, other contractor payments and statutory exemptions ($50,000 per month) reduce the amount subject to the tax. Contractors must, within ten days of entering into a contract with a non-resident contractor, file with the Division of Revenue a statement of the total value of such contract. Failure to file such a statement may subject the contractor to a $10,000 civil penalty for each occurrence.