HB 423

Present law prohibits a ll corporations organized as subsidiaries and controlled by an agricultural cooperative assoc iation formed in accordance with the laws of this state from be ing considered corporations organized for profit and doing business in this state , or subject to any privilege tax levied by any law as a tax for the privilege of doing business for profit in t his state. This bill expands this provision to also apply to limited liability compan ies , limited liability partnership s, or other legal entit ies , association s, or bod ies vested with the power or function of a legal entity , so organized .