Subsidy Tracker Individual Entry

Company: 
Samsung Electronics
Parent Company: 
Samsung
Subsidy Source: 
multiple
Location: 
Texas
City: 
Taylor
County: 
Williamson
Project Description: 

semiconductor manufacturing facility

Year: 
2021
Major Industry of Parent: 
diversified
Specific Industry of Parent: 
diversified
Subsidy Value: 
$1,185,920,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
2,000
Capital Investment: 
$17,000,000,000
Source of Data: 

State subsidies: Gov. Abbot Nov. 23, 2021 press release available at: https://gov.texas.gov/news/post/governor-abbott-announces-new-17-billion.... State infrastructure support was taken from: Justin Sayers, "Behind the deal: How Taylor landed historic Samsung project," Austin Business Journal, November 23, 2021. Local subsidies were taken from: "Incentive package to lure Samsung to Taylor is the biggest in Texas history," The Dallas Morning News, December 29, 2021, https://www.dallasnews.com/business/technology/2021/12/29/incentive-pack... Williams County's Chapter 381 and Development agreements are available at https://www.wilco.org/Departments/Public-Affairs/Economic-Development-Ag... Taylor’s Chapter 312 agreement is at https://www.ci.taylor.tx.us/DocumentCenter/View/12375/8c-Exhibit-B_Taylo... Taylor ISD documents are at https://comptroller.texas.gov/economy/local/ch313/agreement-docs-details...

Notes: 

In November 2021, after months of playing various cities and states against each other, Samsung announced that Taylor, a city in the Austin suburbs, would be the location of the company's new chip fabrication plant. The project has been approved for subsidies from various level of governments. State subsidies: $27 million in a Texas Enterprise Fund grant; a $20,000 Veteran Created Job Bonus; and $67 million for the road improvements. County: 20-year Chapter 381 agreement under which the company will be rebated 90% of property taxes for the first 10 years and 85% in the next 10 years; estimated value: $172.1 million. The county will also pay $120 million for road improvements. City: Chapter 312 will abate 92.5% of company's property taxes for the first 10 years, 90% for the next 10 years and 85% for the following 10 years; Chapter 311, which creates a tax increment reinvestment zone, will divert, via TIF, 92.5% of the zone's generated taxes back to the company for the first 10 years, 90% for the next 10 years, and 85% for the following 10 years. The estimated value of abatements: $467.8 million over 30 years. The city will also release bonds to pay for $18 million in water and sewer extensions. It will also reimburse the company for development review costs and will provide expedited permitting. Taylor School District: $314 million over 10 years in property tax abatements via Chapter 313. In addition, the project site is in federal Opportunity Zones which makes certain investors eligible for lucrative capital gain tax breaks. Overlaps with main data: none.

Source Notes: 
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