Cooperatives - As enacted, specifies that the privilege tax exemption for subsidiaries of agricultural cooperatives applies without regard to whether the subsidiary was formed as a corporation, limited liability company, limited liability partnership, or other legal entity, association, or body vested with the power or function of a legal entity. - Amends TCA Title 43, Chapter 16, Part 1 and Section 67-4-102.

HB 988 exempts subsidiaries of Tennessee agricultural cooperatives from state business taxes, regardless of their legal structure (such as corporation, LLC, or partnership). It directly affects agricultural cooperative subsidiaries that channel profits back to the parent cooperative. The bill amends tax code to remove the previous requirement that subsidiaries must be formed as specific legal entities to qualify for the exemption. This change ensures the tax benefit applies broadly to all subsidiary types, promoting agricultural economic activity within Tennessee.