Taylor ISD board approves tax incentives for Samsung’s possible $17B plant

Business

TAYLOR, Texas (Austin Business Journal/KXAN) — Technology giant Samsung Electronics Co. has yet to announce a final decision about where it will put its $17 billion chipmaking plant, though if they were to land in Central Texas, they’re set to get some enticing tax incentives.

Taylor Independent School District trustees approved a Chapter 313 agreement with Samsung at their Nov. 15 meeting, helping pave the way for a potential plant. KXAN has requested a copy of the agreement, and we’ll update this story once we get all the details.

Reuters reported the vice chairman of Samsung is currently in North America, visiting both the U.S. and Canada, and a decision on where to put the plant could come during the trip.

The company says the plant could create 1,800 jobs, and incentives like a Chapter 313 agreement, which gives the company a break on property taxes, will play a large role in the decision.

Nathan Jensen, a government professor at the University of Texas at Austin, said Samsung isn’t obligated to create as many jobs as they say they’re going to, and tax incentives will need to be made up elsewhere.

“When you give a lot of tax abatements that means local property taxes have to go up to compensate for it, or taxes and other business or services by cities and states have to decline,” Jensen said.

Possible site of Samsung's new $17 billion semiconductor plant (Williamson County records)
Possible site of Samsung’s new $17 billion semiconductor plant (Williamson County records)

An application originally filed in January for Chapter 313 incentives from Manor Independent School District — tied to a proposal to locate the factory near Samsung’s existing facility in North Austin — has been removed from the state comptroller’s website. Kevin Lyons, a spokesperson for the comptroller’s office, confirmed that the application was withdrawn last week.

Read more from Austin Business Journal.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Austin-Travis County

Tracking the Coronavirus

Coronavirus Cases Tracker

Latest Central Texas COVID-19 Cases

Trending Stories

Don't Miss