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.

SB 1002 clarifies that subsidiaries of Tennessee agricultural cooperatives qualify for a business tax exemption regardless of their legal structure (e.g., corporation, LLC, or partnership). This applies to subsidiaries controlled by agricultural co-ops where profits benefit the co-op, directly affecting agricultural businesses and their subsidiaries. The bill amends Tennessee law to remove previous restrictions requiring subsidiaries to be formed as corporations to receive the exemption. It ensures the tax benefit applies uniformly to all subsidiary entities, promoting agricultural economic activity without changing existing tax rates or requirements.