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Elon Musk's SpaceX secures 100% property tax exemption for planned $55 billion Terafab semiconductor factory in Texas — county approves 35-year deal worth hundreds of millions despite resident backlash
The majority of residents oppose the agreement
However, it's not a 100% exemption like the title says:
In exchange for the tax exemption, SpaceX will instead remit a lump sum of $10 million to the county, followed by $20 million annually for 35 years.
.. A few different views from the article:
Proponents of the proposals, including local officials, argued that the project promises massive economic investment, job creation, and national security benefits. Conversely, residents opposed to the project cited a lack of transparency in the approval process, potential strain on water and power infrastructure, and the destruction of rural identity.
Several residents reportedly expressed deep concern about environmental impacts and land loss amid tears.
.. Elon Musk, said that the exemption was necessary to remain competitive with other chip manufacturers. “The reason SpaceX asked for this, which is standard practice for massive capital investments, is because Terafab will have a large number of extremely expensive machines for making chips. Property tax on these crazy money machines would put us at a serious competitive disadvantage relative to other chip fabs in the world,” Musk said.