The Biden administration is doling out federal money as it nears its end, and Samsung Electronics is among the recipients. The government has awarded the company up to $4.745 billion in CHIPS and Science Act funding to support its $37 billion expansion in Taylor, about 28 miles northwest of Austin. The U.S. Department of Commerce will distribute the money based on Samsung’s completion of project milestones on the 6-million-square-foot plant on 1,000 acres near U.S. 79 and County Road 401, according to a press release.
The funding will enable Samsung to transform the area “into a comprehensive ecosystem for the development and production of leading-edge chips in the United States,” according to the release.
Samsung says it plans to invest $6 billion in buildings and property improvements and $11 billion in machinery and equipment at the Taylor facility and expects it to be the company’s most advanced to date.
In the first 10 years of the project, Samsung is expected to receive about $680 million in total tax breaks and other incentives from Taylor, Williamson County, the Taylor school district, and the state the Austin American-Statesman reported.
“We are proud and grateful for the long-standing relationships we have established with our American partners and customers, as well as communities across Texas,” Samsung’s Young Hyun Jun said. “Our agreement with the U.S. Government today under the CHIPS and Science Act represents another milestone as we continue to invest and build a state-of-the-art semiconductor ecosystem in the U.S. We look forward to further collaboration with our American partners to meet the evolving needs of the upcoming AI-driven era.”
