When should I submit the Franchise and Excise Tax Application for Exemption/Annual Exemption Renewal (Form FAE183)? May I submit the application early?

The taxpayer’s initial franchise and excise tax exemption application, and all subsequent exemption renewal applications, should be submitted on or before the 15th day of the fourth month following the close of the tax year for which the taxpayer is claiming an exemption. However, in no case should an exemption application or exemption renewal application be submitted prior to the close of the tax year for which the taxpayer is claiming an exemption. The Department will not process applications that are submitted prior to the close of the tax year to which the exemption applies.

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