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.
If an entity has requested an extension for federal income tax purposes, then an automatic extension will be granted for the annual renewal form as well.
Any entity that fails to timely file an application for exemption or renewal may be charged a $200 penalty per occurrence.
Reference: Tenn. Code Ann. §§ 67-4-2008(a); 67-4-2008(f).