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Subsidy Tracker Individual Entry

Company: SK hynix Inc.
Parent Company: SK Hynix
Subsidy Source: multiple
Location: Indiana
City: West Lafayette
County: Tippecanoe
Project Description: Semiconductor packaging and R&D facility
Year: 2024
Major Industry of Parent: electrical and electronic equipment
Specific Industry of Parent: semiconductors
Subsidy Value: $745,700,000
Subsidy Value in 2023 Dollars: $723,342,000
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy: 
Number of Jobs or Training Slots: 1,000
Wage Data: $65,000
Wage Data Type: average annual wage
Value of Exempted Property: $3,870,000,000
Source of Data: IEDC press release: "Gov. Holcomb announces generational multi-billion-dollar investment to make Indiana leader in semiconductor packaging," April 3, 2024, (click here)
Notes: SK hynix, a semiconductor manufacturer and subsidiary of the South Korea-based SK Group conglomerate, plans to build a 430,000 sq. ft. chip packaging and R&D facility at the Purdue Research Park in West Lafayette, Indiana. Its state subsidy package includes 1) $86 million in performance-based grants, $3 million of which will go to worker training, 2) $554.7 million in sales, income, and property tax reimbursements through the Innovation Development District program, 3) $45 million in infrastructure improvements at the site, 4) $60 million worth of discounted land and in-kind services from Purdue University, and 4) city and county tax abatements and utility rate discounts of unknown value. SK hynix's IDD tax rebates may grow in the event the company's investment exceeds $3.87 billion. The project will also qualify for the federal 48D investment tax credit through the CHIPS and Science Act, equal to 25% of eligible investment costs (not included in subsidy total). Overlaps with the main data: none.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.