| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | ||
| 2 | 2 | HOUSE BILL 988 | |
| 3 | 3 | By Marsh | |
| 4 | 4 | ||
| 5 | 5 | SENATE BILL 1002 | |
| 6 | 6 | By Haile | |
| 7 | 7 | ||
| 8 | 8 | ||
| 9 | 9 | SB1002 | |
| 10 | 10 | 002978 | |
| 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 | A taxpayer, as defined in ยง 67-4-2004, organized as a subsidiary and controlled | |
| 22 | 22 | by one (1) or more agricultural cooperative associations formed in accordance with the | |
| 23 | 23 | laws of this state shall not be considered as a taxpayer organized for profit and doing | |
| 24 | 24 | 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 taxpayers controlled by agricultural cooperative associations, | |
| 27 | 27 | where any profits earned by a subsidiary taxpayer is paid over to or expended for the | |
| 28 | 28 | benefit of the agricultural cooperative association or associations, with the result that the | |
| 29 | 29 | activities carried on by subsidiary taxpayers eventually promote and benefit the | |
| 30 | 30 | agricultural interests of this state. | |
| 31 | 31 | SECTION 2. This act takes effect upon becoming a law, the public welfare requiring it. |