Taylor, Texas – one of two locations in the Lonestar state currently being considered by Samsung Electronics for a $17 billion chip plant – plans to offer huge property tax breaks if the South Korean technology giant opts to choose them.
Taylor is competing with Austin, Texas, for the plant and the 1,800 new jobs it would create.
A proposal on the city’s website states that Samsung would be provided with a grant equivalent to 92.5% of the estimated property tax for the first 10 years, 90% for the next 10 years and then 85% for 10 years after that.
Other proposed benefits include a 92.5% tax waiver on new properties built on the site for 10 years and development costs being repaid.
Taylor City Council and Williamson County will meet to review the proposal on Wednesday
Should Samsung choose Taylor, the company plans to break ground in the first quarter of 2022, with production anticipated to begin in late 2024.
For more information, view the original story from Reuters.