Texas city to offer Samsung large property tax breaks to build $17 billion chip plant

[Yo_Mama_Been_Loggin]

(Reuters) - The city of Taylor, Texas - one of two locations in the state under consideration by Samsung Electronics for a $17 billion chip plant - plans to offer extensive property tax breaks if it is chosen by the South Korean tech giant.

Taylor is competing with Austin, Texas to land the plant which is expected to create about 1,800 new jobs. Samsung has also said it is looking at other potential sites in Arizona and New York.

Other potential sites have yet to disclose planned tax breaks.

A proposed resolution posted on the city's website shows that for the land Samsung will use, it is set to be offered a grant equivalent to 92.5% of assessed property tax for 10 years, 90% for the following 10 years and then 85% in the 10 years after that.

Other measures include a 92.5% tax waiver on new property built on the site for 10 years and the repayment of development review costs.

https://finance.yahoo.com/news/texas-city-offer-samsung-large-050636279.html

Isn't Texas a 'right to work' state? After all unions are socialism.

[leftieNanner]

1. These property tax breaks can break a town

The huge reduction in revenue on top of the increases costs for infrastructure (the commons) can bankrupt small municipalities. Community members end up footing the bill.

I hope Samsung will look at what Texas is doing and elect to go somewhere else - and pay their fair share to support the place where they land.

[jimfields33]

12. They never had those taxes to begin with. New building.

But there is potential for 1800 new workers to pay property taxes and sales taxes. I’m not saying they shouldn’t pay something for the building, but it’s not a doomsday scenario.

[leftieNanner]

14. New Building - more vehicles on the roads, more use of the commons

And often these companies ask for a pass on paying payroll taxes as well.

Yes, it will bring jobs, but it also brings additional costs.

That's all I'm saying.

[jimfields33]

16. Very true.

[wcmagumba]

2. Can't believe any corp would still consider The Texas Republic of Gilead for new investment...

even if the corp bigwigs want the $$ I predict they will have troubles finding sensible intelligent tech employees who want to move there (or any of the christaliban states) to live and raise families under such repression.

[Yo_Mama_Been_Loggin]

7. Actually there are a few tech companies out of Texas, however.

Looks like Taylor Texas is just outside of Austin and has a population of only 16,267 citizens. Does it even have the infrastructure to support this plant?

https://en.wikipedia.org/wiki/Taylor,_Texas

[dixiegrrrrl]

9. Poor Austin is becoming Californicated at a rapid rate.

Having been priced out of the West Coast, I know the feeling of the city residents whose property taxes are gonna climb. Austin/Tyler will end up as one of those "metropolitan" areas of endless cement and night lights.

The good news is that Texas has a homestead Act,which means zero property taxes for a certain group of residents.
I thought all of the qualifying rules for a Homestead tax abatement were the same as here in Ala. but found out there are variations.
what is the same is you can have only one home that qualifies.

ICYMI, that Greene female was caught claiming 2 exemptions in 2 Georgia homes.

[jimfields33]

13. Good news is Austin went from republican area to democratic area

So this is wonderful. More progress in Austin is good.

[wryter2000]

8. Reproductive rights and COVID

A winning combination.

[MagickMuffin]

3. I just love how local governments lure their corporations with such nice tax incentives

The citizens of these localities are the ones who really don't benefit from the tax incentives.

And yes, Texas is a 'right to work' state.

[marble falls]

4. It's freaking crazy.

[Deuxcents]

5. Due diligence on the power grids

Texas has $$ for border walls n tax breaks for foreign corporations but no $$ for power grids. Yea.. Texas is a whole different world

[wyn borkins]

6. Just My Opinion

No semiconductor manufacturing plants will ever be built anywhere in the U.S. because of the toxic chemistry utilized during the production process, in addition to the vast difference in wages - offshore versus onshore.

[dixiegrrrrl]

10. "the toxic chemistry utilized during the production process,"

That is greatly under-estimating Abbott and his Republican cronies. The company only needs to make a VERY big political "contribution", and they are in.
Pocketing x per cent of that contribution is a well known game.

that's also how a certain resident of the WH was able to sell pardons.

[Mr.Bill]

11. Well, that explains why Texas is the leading candidate. n/t

[joetheman]

15. 5 will get you 10 that if built it will be in or next to some minority neighborhood. Environmental

injustice at work here. Location, location, location, think about wy they can give such property tax breaks.