Jailed Samsung boss accused of abusing Propofol AKA ‘the milk of amnesia’ or ‘the drug that killed Michael Jackson’

Samsung is seeking a taxpayer bung of almost $1bn for its proposed semiconductor fabrication plant in Texas, according to documents filed with the state.

The requested package [PDF] includes tax reductions from the city of Austin, Travis County, and the Manor Independent School District, as well as unspecified “assistance” from the Texas Enterprise Fund.

In total, Samsung is seeking $805m in property tax abatements, with Austin cutting taxes by 50 per cent for the first five years of operations, and Travis County foregoing all property tax revenue from the project until 2030. Separate deals with the Manor Independent School District may total more than $200m over 20 years, with Samsung aiming to reduce its tax liability from $2.05bn to $1.79bn.

Property taxes in Texas are the seventh-highest in the US, with an average rate of 1.82 per cent in Travis county, which includes Austin. The Lone Star State lacks a statewide income tax, inheritance tax, or state tax, which forces it to look elsewhere for funds, relying heavily on property taxes and sales taxes to make up the difference.

Source link

Related Articles

Back to top button