Section 56-4-402 - Nature of tax - Exemption from other taxes(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.(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.Acts 1951, ch. 45, §§ 4, 5 (Williams, §§ 1248.182, 1248.183); T.C.A. (orig. ed.), §§ 67-4503, 67-4507, 67-4-1302; Acts 2005, ch. 499, § 24.