DE HB142

Amends Delaware Code Title 30 relating to manufacturers and wholesalers engaged in petroleum refining and sales.

Adds new definition of "feedstock petroleum products" as partially refined petroleum products used as raw materials at the beginning of a refining process.

Adds new definition of "feedstock wholesaler" as persons selling or exchanging crude oil or feedstock petroleum products to petroleum product refiners for refining and resale.

Exempts sales of feedstock petroleum products from the Gross Receipts Tax under specific conditions, including when the feedstock wholesaler took delivery outside the State or when the prior wholesaler paid tax on the transaction.

Effective for tax periods beginning after January 31, 2011; authorizes the Director of Revenue to prescribe forms and reports necessary to enforce and monitor the tax exemptions.