The lease form contains many detailed provisions not found in a standard oil and gas lease form. Due to its length, a summary would not adequately describe each of the terms. It is suggested that if you consider adopting the form for regular use, that you print the form and closely read and review it. The lease form is formatted in 8-1/2 x 14 (legal size).
Delaware Lessor's Form
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Multi-State
Control #:
US-OG-093
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Word;
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Definitions 30 Del. C., Ch. 43 A lessor of tangible personal property is a person who grants to a lessee the right to use property for a specified period. A lease may be written or oral and any agreement which purports to be a sale but which in substance is a lease shall be considered a lease.
Payment due monthly or quarterly. Lessor gross receipts tax, 0.288% (0.00288). $150,000 quarterly exclusion. Plus collection of 1.92% use tax from lessee.
Tangible personal property is mainly a tax term which is used to describe personal property that can be felt or touched, and can be physically relocated. For example: cars, furniture, jewelry, household goods and appliances, business equipment.
The lessee use tax is imposed on every lessee of tangible personal property for use in Delaware at a rate of 1.9914% of the rent under a lease. Register for a complimentary trial to unlock this document, plus gain access to so much more, including: Expert insights into the industry's hottest topics.
Tangible personal property, or TPP as it is often called, is personal property that can be felt or touched and physically relocated. That covers a lot of stuff, including equipment, livestock, and jewelry. In many states, these items are subject to ad valorem taxes.
Delaware also does not have any personal property tax. There is sometimes a county-level real estate property tax, but that tax is very low compared to other states.
Tangible personal property includes equipment, supplies, and any other property (including information technology systems) other than that is defined as an intangible property. It does not include copyrights, patents, and other intellectual property that is generated or developed (rather than acquired) under an award.
When determining the gross receipts tax due, most businesses are entitled to an exclusion, which varies depending on the business activity conducted. These exclusions, provided monthly or quarterly, generally start at $100,000 per month and can be as high as $1,250,000.