Texas City Is Offering Big Tax Breaks to Samsung to Build New Chip Plant

The city of Taylor, Texas – one of two locations in the state under consideration by Samsung Electronics for a $17 billion (roughly Rs. 1,24,200 crores) chip plant – plans to offer extensive property tax breaks if it is chosen by the South Korean tech giant.

Taylor is competing with Austin, Texas to land the plant which is expected to create about 1,800 new jobs. Samsung has also said it is looking at other potential sites in Arizona and New York.

A proposed resolution posted on the city’s website shows that for the land Samsung will use, it is set to be offered a grant equivalent to 92.5 percent of assessed property tax for 10 years, 90 percent for the following 10 years and then 85 percent in the 10 years after that.

Loading...

Other measures include a 92.5 percent tax waiver on new property built on the site for 10 years and the repayment of development review costs.

The proposed resolution will be considered on Wednesday by the Taylor City Council and Williamson County Commissioners.

The Taylor site is located about 25 miles (40 kilometres) from Austin. It is about 1,187.5 acres (4.81 square kilometres)in size, much bigger than the Austin site. Samsung last year purchased more than 250 acres in Austin, which is in addition to 350 acres it owns that includes its sole US chip factory.

Loading...

If Samsung decides on Taylor, it plans to break ground by the first quarter of next year with production due to start by end-2024, a document previously filed with Texas state officials has said.

© Thomson Reuters 2021


Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

Loading...

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Technology News Click Here 

 For the latest news and updates, follow us on Google News

Loading...

Read original article here

Denial of responsibility! TechiLive.in is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.