(The Center Square) – Billions of federal tax dollars are being funneled into semiconductor manufacturing in central Texas after new federal and state laws have gone into effect.
The U.S. Department of Commerce announced this week that $6.4 billion was being directed to semiconductor manufacturing at Samsung Electronics facilities in Taylor and Austin, Texas.
Gov. Greg Abbott on Tuesday met with Samsung Electronics, Co., Ltd. President and CEO Kye Hyun Kyung and other executives to discuss Samsung’s historic investment of more than $40 billion in the state – on top of the federal infusion of funds.
They met after Samsung Electronics and the U.S. Department of Commerce recently signed a non-binding preliminary memorandum of terms to provide up to $6.4 billion in direct funding under the CHIPS and Science Act. Funding will go to “strengthen the resilience of the U.S. semiconductor supply chain, advance U.S. technology leadership, and fuel U.S. global competitiveness,” the department said.