-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001209191-05-008734.txt : 20050211
<SEC-HEADER>0001209191-05-008734.hdr.sgml : 20050211
<ACCEPTANCE-DATETIME>20050211172839
ACCESSION NUMBER:		0001209191-05-008734
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040921
FILED AS OF DATE:		20050211
DATE AS OF CHANGE:		20050211

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOLLY CORP
		CENTRAL INDEX KEY:			0000048039
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				751056913
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		100 CRESCENT COURT
		STREET 2:		SUITE 1600
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
		BUSINESS PHONE:		2148713555

	MAIL ADDRESS:	
		STREET 1:		100 CRESCENT COURT
		STREET 2:		SUITE 1600
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GENERAL APPLIANCE CORP
		DATE OF NAME CHANGE:	19680508

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GLANCY W JOHN
		CENTRAL INDEX KEY:			0001241290

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03876
		FILM NUMBER:		05600383

	MAIL ADDRESS:	
		STREET 1:		9162 CLEARLAKE DRIVE
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75225
</SEC-HEADER>
<DOCUMENT>
<TYPE>4/A
<SEQUENCE>1
<FILENAME>doc4a.xml
<DESCRIPTION>FORM 4/A SUBMISSION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4/A</documentType>

    <periodOfReport>2004-09-21</periodOfReport>

    <dateOfOriginalSubmission>2004-09-23</dateOfOriginalSubmission>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000048039</issuerCik>
        <issuerName>HOLLY CORP</issuerName>
        <issuerTradingSymbol>HOC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001241290</rptOwnerCik>
            <rptOwnerName>GLANCY W JOHN</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>9162 CLEARLAKE DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75225</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Sr. VP General Counsel &amp; Sec.</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>3.50</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-09-21</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>16000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.00</value>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>16000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>60000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Option became exercisable to the extent of 20% at September 24, 2000 and became exercisable for an additional 20% on each September 24 thereafter until the option becomes fully exercisable on September 24, 2004.</footnote>
        <footnote id="F2">Option generally expires ten years from the effective date of grant (the period for exercise may be extended in certain cases following the death of the reporting person).  If the reporting person's employment terminates because of death, permanent disability or normal retirement, the option is generally exercisable in full for two years from the date of termination.  If the reporting person's employment is terminated for cause (as defined), the option immediately ceases to be exercisable.  If the reporting person's employment terminates for any other reason, the option is exercisable for one year after such termination to the extent the option was exercisable at termination.</footnote>
        <footnote id="F3">Option was partial consideration to employee for services.</footnote>
    </footnotes>

    <remarks>Amendment corrects entry in Column 5 of Table II to show number of stock options exercised under (D) rather than (A).</remarks>

    <ownerSignature>
        <signatureName>W. John Glancy</signatureName>
        <signatureDate>2005-02-11</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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