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.