HB 988

Under present law, all corporations organized as subsidiaries and controlled by any agricultural cooperative associa tion are not considered corporations organized for profit and doing business in Tennessee, or subject to any privilege tax for the privilege of doing business for profit in Tennessee where all profits earned by such subsidiary corporations are paid over t o or expended for the benefit of the agricultural cooperative associations, with the result that the activities carried on by the corporations eventually promote and benefit the agricultural interests of this state. This bill specifies that the tax treatm ent described above applies to "taxpayers"" organized as a subsidiary and controlled by one or more agricultural cooperative associations. This bill defines ""taxpayer"" to mean every corporation, subchapter S corporation, limited liability company, profess i onal limited liability company, registered limited liability partnership, professional registered limited liability partnership, limited partnership, cooperative, joint-stock association, business trust, regulated investment company, REIT, state-chartered or national bank, or state-chartered or federally chartered savings and loan association."