The Industrial Facilities Tax Exemption Certificate, Public Act 198 of 1974 as amended, provides an incentive to encourage new investment in industrial buildings and research and development laboratories, including land improvements, machinery, equipment, furniture and fixtures. Generally speaking, if a certificate is issued by the City and approved by the State Tax Commission, the property taxes for real or personal property will be approximately 50% of the taxes that would otherwise be payable. The duration of the certificate is for 1-12 years, with the duration determined by the Mayor and City Commission.