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Tennessee Department of Revenue outlines franchise and excise tax exemption rules for investment entities
Summary
The Tennessee Department of Revenue explained eligibility and filing rules for franchise and excise tax exemptions for certain investment entities under Tennessee Code Annotated §67-4-2008, including 90% asset and income thresholds, required forms (FAE-183, FAE-170), filing deadlines, a $200 late-filing penalty, and contact resources.
Meagan Choate, Taxpayer Services Supervisor at the Tennessee Department of Revenue, presented a webinar explaining how certain investment funds may qualify for a Tennessee franchise and excise tax exemption.
Choate said the exemption applies to entities that are "a limited liability company, a limited partnership, a limited liability partnership, or a business trust." She cited Tennessee Code Annotated §67-4-2008 as the governing statute. To qualify, she said, "at least 90% of the cost of the entity’s total assets must consist of qualifying investment securities, bank deposits, and office space and equipment,"…
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