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TN HB0988

Bill

Official Source

Status

Passed

5/15/2025

Primary Sponsor

Pat Marsh

Click for details

Origin

House of Representatives

114th General Assembly

AI Summary

  • Subsidiaries controlled by one or more agricultural cooperative associations formed under Tennessee law are exempt from state privilege taxes on doing business for profit
  • Profits earned by qualifying subsidiaries must be paid over to or expended for the benefit of the controlling agricultural cooperative association(s)
  • Legislative intent is to promote and benefit agricultural interests in Tennessee through activities carried on by these subsidiary entities
  • Amends Tennessee Code Annotated Section 43-16-148 by replacing the existing section with new language
  • Passed April 21, 2025 and approved by Governor Bill Lee on May 9, 2025, taking 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.

Cooperatives

Last Action

Comp. became Pub. Ch. 455

5/15/2025

Committee Referrals

Calendar and Rules4/17/2025
Finance, Ways & Means4/17/2025
Finance, Ways & Means Subcommittee2/26/2025
Finance, Ways & Means2/10/2025

Full Bill Text

No bill text available