Samsung is seeking more than $1 billion in tax credits to potentially build a new 7 million-square-foot chip fabrication plant in Austin, Texas. The proposed facility, which is estimated to be valued at more than $17 billion, would produce advanced logic devices for Samsung’s Foundry business, according to a filing with the state comptroller. The filing shows that Samsung is seeking tax abatements from Travis County and the city of Austin and tax incentive deals with Manor Independent School District and the Texas Enterprise Fund. Samsung plans to request a 100% tax abatement over 20 years from Travis County worth over $718.2 million and a 50% tax abatement over five years from the city of Austin worth over $87.1 million. The company projects the net benefits for Travis County and Austin would be $4 million and $1.18 billion, respectively, over the next 20 years. Click to read more at www.foxbusiness.com.