For tax years beginning on and after January 1, 2008, every entity exempt from franchise and excise taxes under the provisions of Tenn.Code Ann. Sections 67-4-2008(a)(5) through (12) must file an annual exemption renewal form. This form must be filed by the 15th day of the fourth month following the close of the entity's taxable year, in order to certify that they continue to be eligible for the exemption.
In addition to filing the required annual exemption form, entities who receive income from passive investments (family-owned non-corporate entities or FONCEs), farms and personal residences must now file a disclosure of activity form to continue their exemption. Affordable housing, venture capital funds, diversified investment funds, obligated member entities, asset-backed securitization and security third party indebtedness still must file the annual exemption renewal, but not the disclosure form.