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| 5 | 4 | | SENATE BILL 131 |
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| 6 | 5 | | By Haile |
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| 7 | 6 | | |
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| 8 | 7 | | |
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| 9 | 8 | | SB0131 |
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| 10 | 9 | | 001098 |
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| 11 | 10 | | - 1 - |
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| 12 | 11 | | |
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| 13 | 12 | | AN ACT to amend Tennessee Code Annotated, Title 43, |
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| 14 | 13 | | Chapter 16, Part 1 and Section 67-4-102, relative |
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| 15 | 14 | | to subsidiaries of agricultural cooperative |
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| 16 | 15 | | associations. |
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| 17 | 16 | | |
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| 18 | 17 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE: |
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| 19 | 18 | | SECTION 1. Tennessee Code Annotated, Section 43-16-148, is amended by deleting |
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| 20 | 19 | | the section and substituting: |
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| 21 | 20 | | All business entities, as defined in ยง 43-38-103, organized as subsidiaries and |
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| 22 | 21 | | controlled by one (1) or more agricultural cooperative associations formed in accordance |
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| 23 | 22 | | with the laws of this state shall not be considered as entities organized for profit and |
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| 24 | 23 | | doing business in this state, or subject to a privilege tax levied by any law as a tax for the |
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| 25 | 24 | | privilege of doing business for profit in this state. It is the legislative intent to exempt by |
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| 26 | 25 | | this section subsidiary entities controlled by agricultural cooperative associations, where |
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| 27 | 26 | | any profits earned by the subsidiary entities are paid over to or expended for the benefit |
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| 28 | 27 | | of the agricultural cooperative associations, with the result that the activities carried on |
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| 29 | 28 | | by the subsidiary entities eventually promote and benefit the agricultural interests of this |
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| 30 | 29 | | state. |
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| 31 | 30 | | SECTION 2. This act takes effect upon becoming a law, the public welfare requiring it. |
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