In order to qualify for the IFEC, property must fit the definition of industrial property. Industrial Property is defined in section 2 of the Act as follows:

"Industrial property" means land improvements, buildings, structures, and other real property, and machinery, equipment, furniture, and fixtures or any part or accessory whether completed or in the process of construction comprising an integrated whole, the primary purpose and use of which is:

1. the engaging in a high-technology activity,
2. the manufacture of goods or materials,
3. the processing of goods and materials by physical or chemical change;

Note: "Manufacture of goods or materials' or "processing of goods or materials" means any type of operation that would be conducted by an entity included in the classifications provided by section 31-33 -- manufacturing, of the North American industry classification system -- United States, 1997, published by the Office of Management and Budget, regardless of whether the entity conducting that operation is included in that manual.
 
4. property acquired, constructed, altered, or installed due to the passage of proposal A in 1976;
5. the operation of a hydro-electric dam by a private company other than a public utility;
6. agricultural processing facilities,
7. facilities related to a manufacturing operation under the same ownership, including, but not limited to, office, engineering, research and development, warehousing, or parts distribution facilities,
8. research and development laboratories of companies other than those companies that manufacture the products developed from their research activities,
9. research development laboratories of a manufacturing company that are related to the products of the company,
10. an electric generating plant that is not owned by a local unit of government if the application is approved by the legislative body of a local government unit between June 30, 1999 and June 30, 2002,
11. convention and trade centers over 250,000 square feet in size.

1. Land.
2. Property of a public utility other than an electric generating plant that is not owned by a local unit of government for which an application was approved by the legislative body of a local governmental unit between June 30, 1999 and June 30, 2002.
3. 3) Inventory