Micron plans to apply for a property tax credit to build a $160 billion semiconductor plant in Texas
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Update time : 2022-08-26 16:15:17
Micron Technology, one of the world's largest manufacturers of semiconductor storage and imaging products, is considering building a new $160 billion semiconductor plant in Central Texas. The company has submitted an application to the state comptroller's office requesting property tax abatement in exchange for the potential new facility near Lockhart, a distant suburban city about 30 miles (48 kilometres) south of Austin.
According to the application, the project would be built in eight phases, with construction set to begin in January 2023. A spokesperson for the company declined to comment on its potential investment. But Micron and other companies are rushing to submit applications for the tax break, known as Chapter 313 of the Texas Tax Code (Chapter 313), before it expires at the end of this year. "We have not made any final decisions on the location, timing or size of the expansion," Micron spokeswoman Moira Whalen said in an email. "Submitting these applications now will allow us to keep options open for future expansion to meet long-term needs." This year saw a record number of filings under Chapter 313 of the Texas Tax Code. Another chipmaker, Samsung Electronics, has filed multiple applications to build plants in Austin and Tyler, Texas. However, the company said it has no concrete plans to build a plant at this time. In its application, Micron noted that high property taxes in Texas are not conducive to developers and that tax breaks would be a deciding factor in the company's decision to locate its factories in the state. "As a result, the project would have had a higher economic return outside of Texas without Chapter 313 of the tax code," the application reads. Last year, Micron announced it would spend $150 billion on factories and research and development over the next decade.
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