South Korean tech giant Samsung Electronics has applied to authorities in the United States seeking to get tax breaks to potentially construct its planned $17 billion chip factory in a location in Texas, US, according to reports a document that was filed by the company with Texas state officials.
The South Korean company already has a existing chip plant in Austin, US.
The company is considering building its chip contract manufacturing facility at a location in Williamson County in Texas. This planned new factory by the company would comprise of an investment "in excess of $17 billion dollars" and would be able to generate as many as 1,800 new jobs, showed the document that made public on Thursday.
The tax breaks that Samsung has applied are being considered by the Taylor Independent School District which is within the Williamson County, according to the documents made public. Among the tax breaks that the school district is reported to be considering is putting a cap on the taxable value of Samsung's proposed facility at $80 million for a period of 10 years instead of the current market value of $4.35 billion as estimated on the basis of values of 2029, showed the document, said reports.
Similar tax breaks and financial incentives were earlier this year sought by Samsung from Travis County, Austin, where the company already has a chip plant, for potentially setting up of the $17 billion manufacturing facility there.
However since March this year, no new public documentation has been filed or has emerged for the Travis County, according to the data available on the website for the Texas Comptroller of Public Accounts as on Friday.
Ion the document, Samsung reiterated that it is also looking at alternative sites within the United States, including in Arizona and New York, as well as in South Korea, for the possible new chip factory.
The documents showed that if Samsung ultimately makes the investment in the US for the new chip factory, the company aims to be able to break ground by the first quarter of next year and could target to begin production at the new facility potentially by the end of 2024.
The current global shortage in semiconductor chips has hit a number4 of industries that depend on such chips, including the auto industry, and a number of countries such as the United States have doubled down on their efforts to secure chip production and steady supply of chips within their own countries.
(Source:www.usnews.com)
The South Korean company already has a existing chip plant in Austin, US.
The company is considering building its chip contract manufacturing facility at a location in Williamson County in Texas. This planned new factory by the company would comprise of an investment "in excess of $17 billion dollars" and would be able to generate as many as 1,800 new jobs, showed the document that made public on Thursday.
The tax breaks that Samsung has applied are being considered by the Taylor Independent School District which is within the Williamson County, according to the documents made public. Among the tax breaks that the school district is reported to be considering is putting a cap on the taxable value of Samsung's proposed facility at $80 million for a period of 10 years instead of the current market value of $4.35 billion as estimated on the basis of values of 2029, showed the document, said reports.
Similar tax breaks and financial incentives were earlier this year sought by Samsung from Travis County, Austin, where the company already has a chip plant, for potentially setting up of the $17 billion manufacturing facility there.
However since March this year, no new public documentation has been filed or has emerged for the Travis County, according to the data available on the website for the Texas Comptroller of Public Accounts as on Friday.
Ion the document, Samsung reiterated that it is also looking at alternative sites within the United States, including in Arizona and New York, as well as in South Korea, for the possible new chip factory.
The documents showed that if Samsung ultimately makes the investment in the US for the new chip factory, the company aims to be able to break ground by the first quarter of next year and could target to begin production at the new facility potentially by the end of 2024.
The current global shortage in semiconductor chips has hit a number4 of industries that depend on such chips, including the auto industry, and a number of countries such as the United States have doubled down on their efforts to secure chip production and steady supply of chips within their own countries.
(Source:www.usnews.com)
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