Taylor, Texas offers Samsung Electronics substantial tax break for its $17 billion chip factory

The city of Taylor, Texas plans on offering a large piece of real estate to Samsung Electronics for its potential $17 billion chip plant in the state.

Taylor is one of the two locations in the state under consideration by Samsung.

Taylor plans on providing Samsung tax breaks if it is chosen it rather than Austin, Texas for the project, which is expected to create around 1,800 new jobs.

Samsung has said it is looking at other potential sites in Arizona and in New York.

The other potential sites have yet to disclose their respective planned tax breaks.

As per a proposed resolution posted on Taylor’s website, the land it has allocated for Samsung, is equivalent to 92.5% of assessed property tax for 10 years, 90% for the following 10 years and then 85% in the 10 years after that. Samsung could also gain 92.5% 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 proposed location of the site in Taylor is around 25 miles (40 kilometres) from Austin and is 1,187.5 acres (4.81 square kilometres) in size; it is bigger than the site in Austin.

In 2020, Samsung purchased more than 250 acres in Austin, which is in addition to 350 acres it owns that includes its sole U.S. chip factory.

If Samsung selects Taylor for its chip plant, it plans to break ground by the first quarter of 2022 with production scheduled to start by the end of 2024.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s