CHAPTER 481

FORMERLY

HOUSE BILL NO. 644

AN ACT TO AMEND CHAPTER 27, TITLE 30 OF THE DELAWARE CODE RELATING TO MANUFACTURERS' GROSS RECEIPTS TAXES.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend §2701(1), Chapter 27, Title 30 of the Delaware Code, by inserting the following at the end of §2701(1) of said Title to read as follows:

"Notwithstanding the foregoing, however, gross receipts shall not include proceeds received by any person for products sold to a buyer licensed under this Chapter provided that such products are purchased for the purpose of their inclusion as a part of a product manufactured by the buyer within this State. The product shall be considered to be included in the subsequent product manufactured by the buyer irrespective of whether it is included in an altered or unaltered form. The Secretary of Finance shall prescribe such rules, regulations and forms as he may deem necessary to carry out the purposes of this Chapter."

Section 2. This act shall be effective for all gross receipts received after December 31, 1986.

Approved July 8, 1986.