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Tennessee Department of Revenue details franchise and excise tax exemption for armed forces facilities
Summary
The Tennessee Department of Revenue said facilities owned or operated for the benefit of U.S. armed forces may qualify for franchise and excise tax exemption under Tenn. Code Ann. § 67-4-2008; applicants must file form FAE-183 annually by the 15th day of the fourth month following the taxable year and may face a $200 penalty for late filing.
An agency official with the Tennessee Department of Revenue said in a webinar that facilities owned in whole or in part by a branch of the U.S. armed forces — or entities that derive more than 50% of their gross income from operating facilities on federal property for the benefit of service members — may qualify for a franchise and excise tax exemption under Tennessee Code Annotated § 67-4-2008.
The official said applicants must file for the exemption using form FAE-183 (the application for exemption or the annual exemption renewal form). "You…
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