California Governor Jerry Brown was in Silicon Valley on Thursday to help Samsung Semiconductor Inc. announce that it will expand its San Jose office. The working meeting was also attended by Samsung Electronics President Jong Joong Kim, San Jose Mayor Chuck Reed and the Santa Clara County Board of Supervisors, who were all there to witness the signing of a memorandum of understanding between Samsung, the city, and Santa Clara County.
The memorandum outlined an agreement in which the city, county and state will provide a number of incentives to Samsung to expand the company’s research and development facility here. Those incentives are expected to include state research and development tax credits, employee training credits, expedited permitting processes, and fee reductions for traffic abatement and construction taxes. In addition, the company will receive a rebate of up to half of utility taxes for 10 years and receive a $500,000 economic development incentive. A full copy of the memorandum is available here.
“Samsung’s expansion in California is great news and it further strengthens the state’s role as a world leader in innovation,” said Governor Brown, in what is also his first trip to the San Jose City Hall since being elected governor in 2010. “Here’s a case where government and business work together – and everyone benefits.” Read More