It has been a while since Samsung confirmed that it wants to build a new chip plant in the United States. The entire project costs around $17 billion. States and local officials have been trying to win over Samsung with incentives and tax breaks.
A project of this magnitude in their backyard would reap incredible benefits for the entire community. Samsung hasn’t made a decision as yet about the location of its new plant. However, it appears that the decision might come very soon.
Samsung has got some lucrative tax breaks
Bill Gravell, the judge of Texas’ Williamson County, has said that Samsung’s decision is imminent. “My experience with Samsung is that they move nimbly and swiftly,” he added. Williamson County is in the running for this new project.
Samsung has previously said that it wants to start construction on the new chip plant by January 2024. It expects to have the factory up and running by the end of 2024. Among the potential locations, Samsung has been considering are Austin and Williamson County in Texas as well as other locations in New York and California.
Gravell is an elected official and has been involved in local negotiations with Samsung. He feels confident that Samsung will pick Williamson County as the company has already started taking bore samples and started the land survey, engineering and design work. The county is no stranger to big tech companies. Dell is headquartered there and a future Apple campus is also going to be built there.
To entice Samsung to pick their site, Williamson County commissioners passed a big incentives package this week. It would rebate Samsung 90% of property taxes for the first 10 years and 85% for the following 10 years. The condition is that the company needs to meet certain construction deadlines and create 1,800 full-time jobs.
Samsung will also be saving around $314 million in taxes over the next 10 years in a separate property tax incentive deal with the city of Taylor.