The city of Taylor, Texas, is set to offer Samsung Electronics significant property tax incentives if it is selected to host a new chip factory. Taylor is one of two cities in the state that the South Korean giant is considering as a possible construction site for the $ 17 billion venture. The second is Austin. Samsung is also considering potential sites in Arizona and New York.
A draft document posted on the city's website says Samsung will be “forgiven” for 92.5% of property taxes for the first ten years, 90% for the second decade, and 85% for the third decade. Other benefits include a ten-year exemption from the payment of 92.5% tax on a new real estate built on the same site and reimbursement of the costs of the site development expertise.
The Taylor site is located approximately 40 km from Austin. Its area is about 4.81 km 2 , which is much larger than the area of Austin. Last year, Samsung has gained about 1 km 2 in Austin, in addition to those already owned by its plot area of 1.4 km 2, which is the only plant of Samsung chip manufacturing in the United States.
If Samsung chooses Taylor, construction is slated to begin in the first quarter of next year, and the company could begin production in late 2024.
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