from the I-bet-it's-absolutely-FABulous! dept.
Samsung Electronics Co Ltd is considering Austin, Texas, as one of the sites for a new $17 billion chip plant that the South Korean firm said could create 1,800 jobs, according to documents filed with Texas state officials.
The tech giant is seeking combined tax abatements of $805.5 million over 20 years from Travis County and the city of Austin, among other tax breaks, according to the documents.
Samsung said in its filings that if Austin is selected, the company would break ground on the site in the second quarter of this year and that the plant will become operational in the third quarter of 2023.
"This project is highly competitive, and the company is looking at alternative sites in the US including Arizona and New York, as well as abroad in Korea...," Samsung said in the documents, adding that it is taking into account access to talent, chip ecosystem and speed to market in its evaluation of the sites.
[...] TSMC, which counts Apple Inc among its major customers, last year disclosed plans for a $12 billion chip plant in Arizona expected to come online in 2024.
Also at: Austin American-Stateman, Dallas News, CNBC, and Yahoo!.
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I've also started to see several companies in the maker market warn about shortages and price increases. Pine64 announced it would only open pre-order for PinePhone, PinebookPro, PineTab, and other products once they could secure stocks of components, and while they hope to be able to do so within this month, there's no guarantee.
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Samsung Electronics close to finalising $17 bln Texas chip plant -sources
Samsung Electronics Co Ltd (005930.KS) is close to finalising the construction of a $17 billion semiconductor factory in Williamson County in the U.S. state of Texas, three people with knowledge of the matter said.
Samsung told Reuters that it is continuing due diligence in multiple locations, and that it has yet to make a decision.
The factory will make advanced logic semiconductor chips and is likely to create about 1,800 jobs, Samsung previously said in filings to state officials.
One of the people said though no decision has been made, the Austin suburb of Williamson County is the frontrunner due to the subsidies on offer as well as the likelihood of stable sources of electricity and water.
A winter storm shutdown at Samsung's existing chip plant in Austin during the first quarter caused the equivalent of 300 billion to 400 billion won ($254 million to $339 million) of damage to wafer production.
The $10 billion "3nm" fab plan mentioned earlier in the year may be referring to a different fab.
Also at Wccftech.
Previously: Samsung Reportedly Planning $10 Billion Investment to Build "3nm" Fab in Austin, Texas
Samsung Considers Austin for $17 Billion Chip Plant, Eyes Tax Breaks of at Least $806 Million
(Score: 2, Interesting) by Anonymous Coward on Monday February 08 2021, @02:16AM (5 children)
"Samsung said in the documents, adding that it is taking into account access to talent, chip ecosystem and speed to market in its evaluation of the sites."
Translation:
Samsung deems highly of UTexas Austin talent pool, and the lax labor/environmental regulatory regime of Texas state.
Arizona - the dumbest state in the West, NY - are you kidding me? mega industrial plant? - can't match Texas.
I think Texas has got this.
(Score: 0) by Anonymous Coward on Monday February 08 2021, @02:32AM
How much, I wonder, does this depend on those things you mentioned, or is it mostly all about how much money they can suck out of the winner?
(Score: 2) by c0lo on Monday February 08 2021, @02:42AM (2 children)
Translation: even if better paid than South Koreans, Texas is better protected from China.
I think Texas is turning blue.
https://www.youtube.com/@ProfSteveKeen https://soylentnews.org/~MichaelDavidCrawford
(Score: -1, Troll) by Anonymous Coward on Monday February 08 2021, @03:17AM (1 child)
Don't think any more, you're hurting the both of us.
(Score: 3, Interesting) by c0lo on Monday February 08 2021, @03:39AM
Less steak, more chips and the state turns blue.
2.5% will be enough [politico.com].
About the same % for Texas to catch up with the states median in college educated soylatte drinkers, same kind as the employment in high tech will require.
(large grin)
https://www.youtube.com/@ProfSteveKeen https://soylentnews.org/~MichaelDavidCrawford
(Score: 0) by Anonymous Coward on Monday February 08 2021, @03:05AM
I don't know why any company would want to set up shop in a state with the state attorney general they have in Tx.
(Score: 2) by Snotnose on Monday February 08 2021, @02:29AM (16 children)
You want to build a thing here? This our tax structure. Don't like it? Don't let the door hit you on the way out.
Otherwise it's just a race to the bottom, with toothy charisma filled droids who do noting besides figuring out how to get re-elected competing against shark tank honed 7 figure salaried sharks who do nothing but figure out how to manipulate the toothy, charisma filled droids who just want to get re-elected.
Of course I'm against DEI. Donald, Eric, and Ivanka.
(Score: 2, Insightful) by Anonymous Coward on Monday February 08 2021, @02:35AM
If you do that, you won't get those big beautiful factories like that Foxconn one up in Wisconsin!
(Score: 3, Insightful) by fakefuck39 on Monday February 08 2021, @02:37AM (13 children)
Illegal how exactly? These are taxes at the country/city/state level. Yes, it's a race to the bottom - we call that competition. The 1800 jobs are a very small number. What's not a small number is the amount of taxes Samsung will pay, after the discount they want.
>This our tax structure
correct. it's not your tax structure, it's the tax structure put in place by the voters in that area. and what they want is to make that tax structure attractive to Samsung, to provide employment and billions in tax revenue.
they don't need to let the door hit them on the way out. they're shopping for the best deal, and negotiating for the best deal. if texas won't give it to them, yes, they'll go somewhere else. they could give less shit about their factory being in texas - lots of places for them to choose from.
because the alternative for texas is not another company occupying that factory's spot. it's an empty lot. so you got things very backwards here, to make yourself feel better, by posturing and inflating your peacock tail. thankfully it looks like the people in texas aren't as stupid.
(Score: 0) by Anonymous Coward on Monday February 08 2021, @02:45AM (12 children)
You mean those 1800 extra income taxes?
(Score: 0) by Anonymous Coward on Monday February 08 2021, @02:58AM (3 children)
LOL! Texas has no state income tax!
(Score: 0) by Anonymous Coward on Monday February 08 2021, @02:59AM (2 children)
Exactly.
(Score: 1) by anubi on Monday February 08 2021, @07:00PM (1 child)
Tax a business?
They just pass the cost on added to the price they ask from the consumer.
Or they lose money and go out of business.
Taxing business is only a way to force businesses to collect yet more tax from the end consumer.
Taxes, like fines, are best used to discourage unwanted activity.
Maybe we don't want those jobs. Then tax them!
The USA is a special case. We control the USDollar, the world's reserve currency. We can indefinitely print up as much as we want. So we can support large numbers of unemployed people. But other countries actually have to balance their books. The USA looks to me to be unique in its freedom to tax the crap out of people dare to go to work and do something, as we simply print relief checks for our unemployed.
"Prove all things; hold fast that which is good." [KJV: I Thessalonians 5:21]
(Score: 2) by c0lo on Monday February 08 2021, @09:16PM
Maybe.
I surely wouldn't want one I need to pay myself a personal security guard to get safely to the office - much prefer to get a budget to a shared police. Same with roads, same with heath care.
Nothing is forever, anubi. It was so until due to mainly two factors:
1. nobody could challenge the economy of US
2. petrodollars
Neither of them seem a very safe bet for a 20y horizon - I'd say a 50/50 bet. It may get better, it may get worse.
https://www.youtube.com/@ProfSteveKeen https://soylentnews.org/~MichaelDavidCrawford
(Score: 1, Flamebait) by fakefuck39 on Monday February 08 2021, @03:05AM (7 children)
no retard. I mean taxes on the company Samsung, which will have a factory there, which will pay taxes. Everything from property tax, to excise tax, to taxes on profit the factory makes. People pay income tax. Taxes on corporations are something different. It's the Samsung is asking for a discount on. You know, a discount. As in, if you get a 20% discount, you still pay the 80%.
(Score: 0) by Anonymous Coward on Monday February 08 2021, @03:59AM (6 children)
What I find satisfactory is some bozo just spent 5 minutes (because he's dumb) writing about a quarter of a page to answer to a one liner I wrote between two compilations.
(Score: 1, Flamebait) by fakefuck39 on Monday February 08 2021, @04:11AM (5 children)
yes yes, the purpose of that quarter of a page was to answer a short question you had. it would never be to make fun of you while enjoy myself. it's interesting to see the psychosis and explanations loser adults have. this is, caused by highschool-time mommy dearest telling them they're perfect, and the bullies stuffing them into the locker are doing it because they have issues themselves, not because the dork is a creepy antisocial little dork.
whatever you gotta tell yourself to feel better as you cry yourself to sleep.
(Score: 0) by Anonymous Coward on Monday February 08 2021, @04:25AM (4 children)
The more bullshit from you, the more I can "downvote you to oblivion so you can't even post from an account". [soylentnews.org] See you at the next compilation, prick, don't forget to wash your hands.
(Score: 3) by fakefuck39 on Monday February 08 2021, @06:32AM (3 children)
Newsflash, you can spend hours weeks and months downvoting me to whatever the hell you want. It's meaningless, there is literally zero you can do to lower my account karma. Because while you're abusing the moderation system on this site to do so, you're also fighting the hundreds of other users who upvote, and the huge positive karma I already have, which despite literally anything you can do, isn't and won't even go down a point. Downvote away, anything to waste your time and make you feel like you're doing something or that you matter. You autistic useless powerless loser - click away.
(Score: 0) by Anonymous Coward on Monday February 08 2021, @01:18PM (2 children)
Am not. Just modding as such when you are gratuitously a pompous prick and demonstrable wrong or offtopic. Like the comment that I'm just replying.
In other instances, I'm even upvoting you.
But since you are prone to whining whenever I push those buttons, it'll be my pleasure to downmod you; I find your petulant child rebellious tantrums as delicious.
(Score: 2) by fakefuck39 on Monday February 08 2021, @01:43PM
I reply to every comment on topic. My reply does not have to be on the topic of the article - it just has to be on topic of the thing I am replying to, to be on topic. Marking it offtopic is indeed an abuse of the moderation system. Trying to get someone to write more comments you can mark offtopic is flamebait. So yes, you absolutely are abusing the moderation system. With zero results - there is literally nothing you can do to my karma.
What I find delicious is you sitting there pushing those buttons, which aren't connected to anything, while spamming the site yourself with your autistic fixations.
there's nothing you can do. enjoy your buttons.
(Score: 0) by Anonymous Coward on Monday February 08 2021, @02:02PM
Let's get this straight for the confused. You said you are egging on facefuck to post more off-topic comments just so you can down-vote them. You yourself post your off-topic comments as AC, so you don't get down-voted and lose your mod points. You also post them as AC so you can get around the rule where modding is not allowed on the conversation you are in. You claim this is not abusing the moderation system?
This reminds me of Trump trying to steal the election while yelling it's being stolen. Is it the spray-tan chemicals near the brain causing this broken logic? Is your face orange right now?
What's interesting is everything you've modded off-topic is sitting at +1. Facefuck is facefucking you with his karma bonus.
Don't bother replying - I'm not here to have conversations with trolls.
(Score: 3, Informative) by anubi on Monday February 08 2021, @02:48AM
Well, for me, both taxes, and the complexity of filing them, are my prime reason for keeping my Arduino development as a hobby, not as a business.
I feel by now, i should have have several dozen people on payroll, building open source Arduino solutions to farms and small manufacturing operations that are too small and simple as to require the Microsoft solution.
But, i also realize Government can simply print money, aka "extend the debt ceiling", to pay people for not working. I can not.
I consider myself very fortunate to live in a business environment whose main problems concern throttling back those who can work, and subsidizing those who do not have a job.
"Prove all things; hold fast that which is good." [KJV: I Thessalonians 5:21]
(Score: 2) by drussell on Monday February 08 2021, @12:31PM (3 children)
...if someone opens a factory employing 18 people, they should also expect an $8m tax break package from the state?
(Score: 2) by Tokolosh on Monday February 08 2021, @04:18PM (2 children)
Before you get an $8m, you first have to owe at least $8m in taxes.
(Score: 2) by drussell on Tuesday February 09 2021, @07:58AM (1 child)
Samsung doesn't owe any taxes yet.
They haven't even yet decided if or where to build this plant but possible locations are tripping over themselves trying to give future tax concessions .
So I ask again, why shouldn't some other business that will generate 18 jobs get an 8m savings package?
Why is Samsung so special? That's over $22,000 per job, per year for the supposed 20 years, essentially chipped in for by the state? WTF?!
(Score: 2) by Tokolosh on Tuesday February 09 2021, @02:19PM
Because politicians can. They can hand out favors, pick winners and losers. We have given them this power. Why do you think there is so much money in politics? If they did not have this power, and flat tax rates were all they were permitted, the lobbying, the campaign contributions, the PACs would all go away and the sociopaths would no longer trample each other to get in power.
But if you want to tax the rich at higher rates than the poor, this is the consequence. If city taxes are based on property valuation (a wealth tax), not services received, then you get gentrification. The power to discriminate always ends badly.