Taylor, Texas Offers Tax Breaks For Samsung Chip Plant: Report

The city of Taylor, Texas is proposing to offer extensive property tax breaks to Samsung if selected as a chip building site, Reuters reports.
Taylor is competing with Austin, Texas, to win the chip plant, which could bring 1,800 new jobs.
Taylor proposes to offer a grant equivalent to 92.5% of assessed property tax for 10 years, 90% for the following 10 years and 85% in the 10 years after that.
Other offers include a 92.5% tax waiver on the new property built on the site for 10 years and the repayment of development review costs.
The 1,187.5-acre Taylor site, located about 25 miles from Austin, is bigger than the Austin site.
Samsung last year purchased over 250 acres in Austin, in addition to the 350 acres it already owns that includes its sole U.S. chip factory.
If Samsung selects Taylor, it plans to break ground by the first quarter of next year, with production due to start by the end of 2024.
Samsung recently earmarked $151 billion through 2030 for advanced chipmaking
TSM Price Action: TSM shares gained 0.59% Tuesday, closing at $124.70.