Amends TCA Title 43, Chapter 16, Part 1 and Section 67-4-102.

Tennessee SB1002 amends existing law regarding the tax treatment of corporations organized as subsidiaries and controlled by agricultural cooperative associations. The bill specifies that such entities are not considered for-profit corporations subject to privilege tax, provided their profits benefit the agricultural cooperative associations. It also expands the definition of "taxpayer" to include various business structures, such as limited liability companies and partnerships, that may qualify for this tax treatment.