(a) Nothing in this chapter shall exempt cooperatives and foreign corporations transacting business in this state pursuant to this chapter from ad valorem property taxes. Assessment schedules for such property that is devoted to and used or useful in pursuance of the primary purpose shall be filed with the comptroller of the treasury, and the payment of such taxes shall be in lieu of all other taxes of every kind or nature whatever, unless it is otherwise specifically provided by law that such other tax or taxes shall be applicable to cooperatives formed or foreign corporations transacting business pursuant to this chapter.

Terms Used In Tennessee Code 65-25-122

  • cooperatives: means one (1) or more nonprofit cooperative membership corporations heretofore or hereafter organized under or otherwise subject to this chapter, including corporations transacting business in this state pursuant to §. See Tennessee Code 65-25-102
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Primary purpose: means one (1) of the purposes provided for in §. See Tennessee Code 65-25-102
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) Assessment schedules for such property that is devoted and used or useful in pursuance of one (1) or more secondary purposes shall be filed in the same manner and in the same places, and taxes on such properties shall be paid to the same authorities and to the same extent, as would be the case were such cooperative or foreign corporation organized and operating as a corporation under the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27.
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