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TN HB0423
Bill
Status
1/28/2025
Primary Sponsor
Pat Marsh
Click for details
AI Summary
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Subsidiaries controlled by one or more agricultural cooperative associations formed under Tennessee law are exempt from being classified as for-profit entities
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Exempt subsidiaries are not subject to state privilege taxes levied on businesses operating for profit in Tennessee
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Exemption applies when subsidiary profits are paid to or expended for the benefit of the parent agricultural cooperative associations
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Legislative intent is to support subsidiary activities that ultimately promote and benefit Tennessee's agricultural interests
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Takes effect immediately upon becoming law
Legislative Description
AN ACT to amend Tennessee Code Annotated, Title 43, Chapter 16, Part 1 and Section 67-4-102, relative to subsidiaries of agricultural cooperative associations.
Taxes, Privilege
Last Action
Withdrawn.
2/3/2025