- If a company announces that it will cease operations in the coming year, will the STC approve the revocation of that company's IFEC for the tax day prior to the actual cessation of operations?

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Industrial Facility Exemption

If a company announces that it will cease operations in the coming year, will the STC approve the revocation of that company's IFEC for the tax day prior to the actual cessation of operations?

Answer:

In a recent case matching these circumstances, the STC ruled that an IFEC could not be revoked as of 12-31-97, even though it was announced in 1997 that operations would cease as of February of 1998.

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