| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | ||
| 2 | 2 | SENATE BILL 131 | |
| 3 | 3 | By Haile | |
| 4 | 4 | ||
| 5 | 5 | HOUSE BILL 423 | |
| 6 | 6 | By Marsh | |
| 7 | 7 | ||
| 8 | 8 | ||
| 9 | 9 | HB0423 | |
| 10 | 10 | 001098 | |
| 11 | 11 | - 1 - | |
| 12 | 12 | ||
| 13 | 13 | AN ACT to amend Tennessee Code Annotated, Title 43, | |
| 14 | 14 | Chapter 16, Part 1 and Section 67-4-102, relative | |
| 15 | 15 | to subsidiaries of agricultural cooperative | |
| 16 | 16 | associations. | |
| 17 | 17 | ||
| 18 | 18 | BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE: | |
| 19 | 19 | SECTION 1. Tennessee Code Annotated, Section 43-16-148, is amended by deleting | |
| 20 | 20 | the section and substituting: | |
| 21 | 21 | All business entities, as defined in ยง 43-38-103, organized as subsidiaries and | |
| 22 | 22 | controlled by one (1) or more agricultural cooperative associations formed in accordance | |
| 23 | 23 | with the laws of this state shall not be considered as entities organized for profit and | |
| 24 | 24 | doing business in this state, or subject to a privilege tax levied by any law as a tax for the | |
| 25 | 25 | privilege of doing business for profit in this state. It is the legislative intent to exempt by | |
| 26 | 26 | this section subsidiary entities controlled by agricultural cooperative associations, where | |
| 27 | 27 | any profits earned by the subsidiary entities are paid over to or expended for the benefit | |
| 28 | 28 | of the agricultural cooperative associations, with the result that the activities carried on | |
| 29 | 29 | by the subsidiary entities eventually promote and benefit the agricultural interests of this | |
| 30 | 30 | state. | |
| 31 | 31 | SECTION 2. This act takes effect upon becoming a law, the public welfare requiring it. |