Exempts subsidiaries of agricultural cooperative associations from profit and privilege taxes in Tennessee.

This bill amends Tennessee Code to exempt subsidiaries of agricultural cooperative associations from being considered entities organized for profit and doing business in the state. It also exempts these subsidiaries from privilege taxes. The legislative intent is to benefit agricultural interests by ensuring profits from these subsidiaries support the cooperative associations and their agricultural activities. This act takes effect immediately upon becoming law.

Exempts subsidiaries of agricultural cooperative associations from profit and privilege taxes in Tennessee.

This bill amends Tennessee Code to exempt subsidiaries of agricultural cooperative associations from being considered entities organized for profit and doing business in the state. It also exempts these subsidiaries from privilege taxes. The legislative intent is to benefit agricultural interests by ensuring profits from these subsidiaries support the cooperative associations and their agricultural activities. This act takes effect immediately upon becoming law.