Tennessee § 65-25-122 - Taxes.

§ 65-25-122. Taxes.

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. 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. Acts 1988, ch. 689, § 2; 1995, ch. 305, § 34; T.C.A. § 65-25-222 ; Acts 2016, ch. 937, § 1. Code Commission Notes. Former part 1 of this chapter was deleted and former part 2 was renumbered as T.C.A. §§ 65-25-101 to 65-25-135 by authority of the Code Commission in 2015. Compiler's Notes. Acts 2016, ch. 937, § 4 provided that the act, which amended this section, shall apply to tax years beginning on or after January 1, 2016. Amendments. The 2016 amendment, in (a), substituted “shall exempt” for “shall be construed to exempt” in the first sentence, and deleted the former proviso at the end of the second sentence which read: “; provided, that all facilities and plants constructed for such primary purpose shall be exempt from ad valorem property taxes for a period of four (4) years from and after the date of such construction”. Effective Dates. Acts 2016, ch. 937, § 4. April 27, 2016. Attorney General Opinions. The tax exemption for rural electric cooperatives contained in T.C.A. § 65-25-122(a) is unconstitutional because it purports to grant a tax exemption that is not authorized by Tenn. Const. Article II, Section 28. OAG 15-71, 2015 Tenn. AG LEXIS 72 (10/21/2015).