(a) The business declared to be taxable in this part is for state purposes only and taxable by the state alone and no county or municipality may impose any taxes upon the business, except ad valorem taxes upon real estate and tangible personal property owned by the production credit association.
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Terms Used In Tennessee Code 56-4-402

  • Personal property: All property that is not real property.
  • Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
  • production credit association: means a corporation organized and chartered pursuant to §. See Tennessee Code 56-4-401
  • 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) The tax shall be in lieu of, and in substitution for, any and all other taxes levied against or on the association, except ad valorem taxes upon real estate and tangible personal property owned by the association.
(c) Nothing in this section shall be construed to provide an exemption from the sales and use tax imposed by title 67, chapter 6.
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