Amends TCA Title 43, Chapter 16, Part 1 and Section 67-4-102.
Tennessee HB0988 amends existing tax laws to clarify that corporations organized as subsidiaries and controlled by agricultural cooperative associations are not considered for-profit entities for tax purposes, provided their profits benefit the cooperative associations. The bill defines "taxpayer" to include various business entities such as corporations, limited liability companies, and partnerships. This change aims to ensure that these subsidiaries are exempt from privilege taxes related to their business activities in Tennessee.
Tennessee HB0988 amends existing tax laws to clarify that corporations organized as subsidiaries and controlled by agricultural cooperative associations are not considered for-profit entities for tax purposes, provided their profits benefit the cooperative associations. The bill defines "taxpayer" to include various business entities such as corporations, limited liability companies, and partnerships. This change aims to ensure that these subsidiaries are exempt from privilege taxes related to their business activities in Tennessee.
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Marsh, Pat
114th General Assembly
February 5, 2025
May 15, 2025
Comp. became Pub. Ch. 455