Samsung finalizes CHIPS Act incentive; scope of factory less than previously announced
(Austin Business Journal) — Samsung Electronics Co. Ltd. has finalized the incentive it will get through the federal CHIPS and Science Act, although the company won't be making as big of an investment in Taylor as what was proclaimed when dignitaries descended on the small town to announce a preliminary CHIPS award earlier this year.
The company plans to invest $37 billion at its sites in Taylor and North Austin, down from initial projections of $45 billion but still a huge sum that will rank among the largest investments in U.S. history.
The Biden-Harris administration and the U.S. Department of Commerce on Dec. 20 awarded the South Korea-based electronics giant more than $4.7 billion in direct funding, which is lower than the $6.4 billion the company was earmarked to get when a memorandum of understanding was signed earlier this year. The department will distribute the funds based on Samsung’s completion of project milestones.