Benzinga | Sep 7, 2021 04:23PM EDT

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.