As the state’s controversial Chapter 313 incentives are set to end, two big companies have been approved for millions in tax breaks for their projects north of Austin.
Trustees with the Taylor Independent School District board approved nine new applications for Samsung’s $167.6 billion expansion and one for industrial gas company Linde’s $271 million project, the Austin Business Journal reported.
The approvals set the companies up to potentially save millions of dollars in property taxes through the Chapter 313 program, which allows school districts to limit the taxable value of a property for a portion of school taxes.
“The approval of the agreement sets up a partnership with the largest foreign investment in the world for the benefit of our students,” Superintendent Devin Padavil said. “The potential positive outcomes will span decades.
Samsung Austin Semiconductor has proposed building nine additional fabrication plants at its 1,260-acre site north of Austin, in Taylor, where the Seoul-based company is building a $17 billion chip-making facility that will create at least 2,000 jobs. The additional “fabs” would create 8,200 more jobs.
Samsung also submitted 313 applications to the Manor Independent School District for another 640-acre site north of Austin, and is still waiting to hear back. Combined, Samsung’s 313 requests could save it almost $4.8 billion in property taxes.
Linde, which is a Samsung supplier, proposed investing $271 million in its facility. The U.K.-based company could save more than $11 million in property taxes if it gets full approval.
Samsung recently filed plans for a five-building plant in Taylor.
https://therealdeal.com/texas/2022/11/08/samsung-starts-1-8b-confidential-project-near-austin/
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— Victoria Pruitt