Samsung chose a $17 billion chip making plant in taxes

by Ijlala Maqbool

An announcement came as early as Tuesday, and people are familiar with the issue, as said. Gov. Greg Abbott is scheduled to make an “economic announcement” Tuesday at 5 p.m. local time. Tylor facility will create around 1800jobs, located in Texas, though chip production isn’t expected to start until the end of 2024. in the documentation, Samsung 005930, +0.53% is already filed with the texas authority. To woo Samsung, Taylor offered incentives that included the equivalent of property-tax breaks of up to 92.5% for the first 10 years, with the write-offs gradually declining over the next several decades.
“A final decision has not yet been made regarding the location,” a Samsung spokeswoman said.
Samsung’s doubling down on Texas, where it already has a footprint, comes amid a year of historical spending for the semiconductor industry, spurred by government incentives seeking to attract local production. A global chip shortage has undercut many industries, from smartphones and home appliances to cars.

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