The company could save up to US$207 million in eight years
Taiwan News
Date: 2018/04/24
By: Sophia Yang, Taiwan News, Staff Writer
TAIPEI (Taiwan News) – Formosa Petrochemical Corporation’s top executive announced a
The photo shows Formosa Petrochemical Corp’s Yulin complex in Taiwan (Image credit: Formosa Petrochemical Corp.)
plan to build a US$9.4 billion chemical manufacturing complex on a 970-hectare site in Louisiana, which is expected to bring in 1,200 permanent jobs for the state.
Motivated by cheap natural gas produced by the fracking boom in the U.S. and by tax breaks, the company has nailed down the location of the complex in Donaldsonville, Louisiana.
The company will enjoy a five-year exemption of property tax, followed by an 80 percent exemption for three years, saving up to US$207 million in eight years. The state government could earn US$28 million every year as the tax break expires, according to an AP report.
The construction is expected to take 10 years, beginning as soon as 2019 if all permits are approved. [FULL STORY]
