If Samsung decides on Taylor, it plans to break ground by the first quarter of next year. (Image: Reuters)
The proposed proposal will be considered by Taylor City Council and Williamson County commissioners on Wednesday.
- Reuters
- Last Update:Sep 06, 2021, 5:28 pm IS
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The city of Taylor, Texas — one of two locations in the state for a $17 billion chip plant by Samsung Electronics — plans to offer broad property tax breaks if chosen by the South Korean tech giant.
Taylor is competing with Austin, Texas to unload the plant, which is expected to create about 1,800 new jobs. Samsung has also said that it is looking at other potential sites in Arizona and New York.
Other potential sites have not yet disclosed the planned tax breaks.
A proposed proposal posted on the city’s website shows that for land to be used by Samsung, it would be equal to 92.5% of the fixed property tax for 10 years, 90% for the next 10 years and then 85%. Grants will be offered. 10 years after that.
Other measures include a 92.5% tax exemption on new property built on site for 10 years and repayment of development review costs.
The proposed proposal will be considered by Taylor City Council and Williamson County commissioners on Wednesday.
Taylor Site is located approximately 25 miles (40 kilometers) from Austin. It is approximately 1,187.5 acres (4.81 sq km) in size, which is much larger than the Austin site. Samsung last year bought more than 250 acres in Austin, in addition to the 350 acres it owns, including its only US chip factory.
If Samsung decides on Taylor, it plans to start by the end of 2024 with production by the first quarter of next year, said a document filed earlier with Texas state officials.
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