The Tennessee 183 form is an application used by entities to request exemption from the state’s franchise and excise taxes. This form allows businesses to apply for either a new exemption or to renew an existing one. It is crucial for entities to meet specific criteria to qualify for these tax exemptions, which can significantly impact their financial obligations.
The Tennessee 183 form is a crucial document for entities seeking exemption from the state's franchise and excise taxes. This form serves multiple purposes, including applications for new exemptions and annual renewal requests. It requires detailed information about the entity, such as its legal name, physical location, and contact details. The form also specifies various categories under which an entity may qualify for exemption, including Venture Capital Funds, Farming/Personal Residence, Affordable Housing, and Family-Owned Non-Corporate Entities, among others. Each category has specific criteria that must be met, such as ownership percentages and the nature of the entity's activities. Additionally, the form mandates the completion of a Disclosure of Activity section for certain exemptions, ensuring transparency regarding the entity's operations. Timely submission of this form is essential, as late applications may incur penalties. Understanding the nuances of the Tennessee 183 form is vital for entities looking to navigate the tax exemption landscape effectively.
The Tennessee 183 form is used to apply for exemptions from the state's franchise and excise taxes. It is specifically designed for entities that meet certain criteria outlined in Tennessee law. These exemptions can apply to various types of entities, including venture capital funds, farming operations, and affordable housing projects.
Entities that qualify for tax exemptions under specific provisions of Tennessee law must file this form. This includes limited liability companies (LLCs), limited partnerships (LPs), and limited liability partnerships (LLPs) that operate for purposes such as farming, providing affordable housing, or family-owned businesses. Each entity must submit an initial application and renew it annually.
The form allows for various exemptions, including:
The renewal application for the exemption is due each year by the 15th day of the fourth month following the end of the entity’s fiscal year. It is crucial that the entity does not submit the renewal before the fiscal year end of the exemption year, as early submissions will not be processed.
If an entity does not file the application or renewal on time, it may incur a penalty of $200. Timely filing is essential to avoid unnecessary costs and maintain the exemption status.
The form requires various details, including:
Yes, each exemption type has its own set of requirements that must be met. For example, to qualify as a family-owned non-corporate entity, at least 95% of the ownership must be held by family members. It is essential to review the specific criteria associated with the exemption being sought.
Entities can contact the Tennessee Department of Revenue for assistance. They can reach out by calling (615) 253-0700 during business hours or by visiting the Department's website for more detailed information and resources.
Completed applications and renewal forms should be mailed to the Tennessee Department of Revenue at the following address: 500 Deaderick Street, Nashville, TN 37242. Ensuring that forms are sent to the correct address is vital for timely processing.
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When applying for an exemption using the Tennessee 183 form, several other documents may also be required. Each of these documents serves a specific purpose in supporting the exemption request or providing necessary information about the entity's activities. Below is a list of commonly used forms and documents that accompany the Tennessee 183 form.
Each of these documents plays a crucial role in ensuring that the exemption application is complete and complies with Tennessee law. It is essential to gather and submit all required forms to avoid delays or potential penalties. For further assistance, consider reaching out to the Tennessee Department of Revenue or a qualified professional.