Tennessee Department of Revenue outlines franchise and excise tax exemption for historic property preservation entities

Meagan Choate of the Tennessee Department of Revenue—xplained eligibility and application steps for a franchise and excise tax exemption available to Tennessee Historic Property Preservation Entities.

Choate said the exemption is provided under Tennessee Code Annotated section 67-4-2008 and covers entities "engaged in historic property preservation or rehabilitation in Tennessee" who meet statutory requirements. "Historic property activities are specifically defined to include: preservation, rehabilitation, restoration, and reconstruction," she said.

Choate advised that entities seeking the exemption must be registered with the Tennessee Department of Revenue for franchise and excise purposes and that an application should include "a written statement specifying that they are applying under this exemption." She directed listeners to consult TCA §67-4-2008 and the department—ranchise and excise tax manual, available at tn.gov/revenue, for full guidance.

For direct assistance, Choate provided the department's contact channels: email revenue.support@tn.gov; the general tax line at 615-253-0600; and the franchise and excise-specific line at 615-253-0700. Phone service hours are Monday through Friday, 8:00 a.m. to 4:30 p.m. Central Standard Time. She also noted supplemental materials in the Webinar Video Library and the department's social media accounts.

The presentation closed with a reminder to consult the statute and the department—or details before applying.