(a) Property owned by a nonprofit corporation, that is operated for the purpose of recycling or disposing of waste products and converting same to heat or cooling for public buildings or facilities where the reversionary interest to such properties is in the state or any of its political subdivisions, shall be exempt from taxation.

Terms Used In Tennessee Code 67-5-208

  • 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.
  • 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) Such purpose is defined as a public one, performed on behalf of such governmental entity, notwithstanding that some of the by-products of such undertaking may be furnished to private entities.
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