Tyler, Texas, USA Announces Significant Tax Incentives for Samsung South Korea | Reuters

[Reuters]–The city of Tyler, Texas, which Samsung Electronics of South Korea is considering as a candidate site for the construction of a new semiconductor factory with a scale of 17 billion dollars, will receive a significant preferential property tax if the city is selected. Clarified plans to do.

Tyler is in a battle to attract Texas, the capital of Texas. The factory is expected to create about 1800 new jobs. In addition to the two cities, Samsung says it has candidate sites in both Arizona and New York.

Other candidate sites have not announced tax incentives.

According to a resolution posted on the Tyler City website, if Samsung uses the city’s land, it will be offered a preferential treatment equivalent to 92.5% of the property tax valuation for 10 years, and every 10 years thereafter. The ratio will be reduced to 90% and 85%.

New buildings built on the premises will also be exempt from tax equivalent to 92.5% for 10 years.

Tyler City Council and Williamson County Commissioner are expected to discuss the resolution on the 8th.

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