On Thursday, June 8, Gov. Greg Abbott approved the Texas CHIPS Act, which will create the Texas Semiconductor Innovation Fund, that will subsidize companies that manufacture chips in Texas and provide matching funds to universities and other state entities that invest in chip design or manufacturing projects.
Samsung is one of the companies that will directly benefit through strategic partnerships with colleges and universities and through significant financial support and matching funds for additional opportunities.
“We congratulate the State of Texas for passing the Texas Chips Act that will attract further economic development in semiconductor design and manufacturing,” said Michele Glaze a spokesperson for Samsung.
The first phase of Samsung’s new semiconductor plant in Taylor will be finished in April, and the company plans on spending $200 billion developing in Williamson County. It is more of those types of investments the state is hoping the Texas act will attract.
“We’re going see that, that ecosystem that’s built at Samsung ultimately is going to be worth a quarter of a trillion dollars, if not more ... and that’s all in Taylor,” Williamson County Judge, Bill Gravell said.
Earlier this year, lawmakers appropriated $698.3 million for the new fund and an additional $666.4 million for the creation of advanced research and development centers at the University of Texas at Austin and Texas A&M University.
The program provides gifts, grants and donations to higher education institutions, state entities and companies that invest in Texas. The Innovation Consortium that will be created is expected to leverage current expertise in the industry to develop a strategic plan, create an advisory group to the governor and legislature, expand workforce training and development and establish a forum for public and private stakeholders. It will be governed by an appointed nine-person executive committee and composed of representatives from 19 universities and colleges across the state, including UT and Austin Community College.
