The secretary of revenue shall allow contractors to report and pay contractor's excise tax measured by gross receipts upon an accrual basis if:
(1) The contractor has not changed his basis in the previous calendar year;
(2) The contractor's records are kept in a manner which may be audited to determine whether contractor's excise tax and use tax are paid for all realty improvement contracts;
(3) The contractor has made a written request to the secretary of revenue for authority to pay tax on the accrual basis; and
(4) Authority to pay tax on the accrual basis applies only to realty improvement contracts commencing after the authority is granted.