How does an entity claim the family-owned exemption?
A non-corporate entity which believes that it qualifies as a family-owned entity with substantially all of its income from passive investments and/or farming so as to be exempt from franchise, excise taxes under Tenn. Code Ann. § 67-4-2008(a)(11) must initially file an Application for Exemption form with the Department of Revenue’s Taxpayer and Vehicle Services Division. The form, with instructions is available on the Department’s website at www.state.tn.us/revenue/forms. The form must be signed by an owner, member or partner of the entity claiming the exemption. In order to maintain the exemption, the entity must file a renewal application annually by the 15th day of the fourth month following the close of the entity’s tax year. The completed form should be mailed to Tennessee Department of Revenue, Attn: Taxpayer and Vehicle Services, 500 Deaderick Street, Nashville, TN 37242.
A non-corporate entity which believes that it qualifies as a family-owned entity with substantially all of its income from passive investments and/or farming so as to be exempt from franchise, excise taxes under Tenn. Code Ann. 67-4-2008(a)(11) must initially file an Application for Exemption form with the Department of Revenues Taxpayer and Vehicle Services Division. The form, with instructions is available on the Departments website at www.state.tn.us/revenue/forms. The form must be signed by an owner, member or partner of the entity claiming the exemption. In order to maintain the exemption, the entity must file a renewal application annually by the 15th day of the fourth month following the close of the entitys tax year. The completed form should be mailed to: Tennessee Department of Revenue Attn: Taxpayer and Vehicle Services 500 Deaderick Street Nashville, TN 37242.
