Taylor wants to become a Samsung location

The Texan city of Taylor - one of two locations in the state that Samsung Electronics (OTC: SSNLF) is considering to build a $ 17 billion chip factory - plans to offer the South Korean tech giant extensive property tax breaks if it chooses the city . Taylor is competing with Austin, Texas, to locate the plant, which will create around 1,800 new jobs. Samsung (KS: 005930) has also stated that it is reviewing other potential locations in Arizona and New York. Other potential locations have yet to announce their planned tax breaks. According to a proposed resolution published on the city's website, Samsung will grant a grant of 92.5% of assessed property tax for ten years, 90% for the following ten years and 85% for the property it intends to use which should receive ten years later. Other measures include waiving 92.5% of taxes on new properties built on the site for 10 years and repaying the cost of the development audit. The proposed resolution will be considered Wednesday by Taylor City Council and Williamson County Commissioners. The Taylor site is approximately 25 miles from Austin. It is approximately 4.81 square kilometers, which is much larger than the Austin location. Samsung bought more than 250 acres in Austin last year, in addition to the 350 acres the company owns, which includes its only chip factory in the United States. Should Samsung choose Taylor, the groundbreaking is scheduled for the first quarter of next year, and production is slated to begin by the end of 2024, according to a document previously filed with the Texas authorities.