DE HB142

Amends Delaware's Gross Receipts Tax (Chapter 29, Title 30) to clarify tax exemptions for petroleum refining transactions.

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

Defines "feedstock wholesaler" as any person selling or exchanging crude oil or feedstock petroleum products to a petroleum refiner for refining and resale.

Expands tax exemptions to cover sales of all feedstock petroleum products, not just crude oil, when a feedstock wholesaler either took delivery outside the state or the prior seller paid the gross receipts tax.

Effective for tax periods beginning after January 31, 2011, with authority granted to the Director of Revenue to prescribe forms and reporting requirements to monitor compliance.