Samsung moves US HQ from New Jersey to Texas, cutting 1,000 jobs

Key facts

• Samsung is moving its US headquarters from Englewood Cliffs, New Jersey, to Plano, Texas.
• The relocation is to Samsung's existing campus in Plano, Texas.
• The move will result in approximately 1,000 job losses in New Jersey.
• Samsung opened its New Jersey headquarters only eight months prior to this announcement.
• New Jersey has a corporate tax rate of up to 11.5% for large corporations, while Texas has no corporate income tax.

South Korean tech giant Samsung Electronics confirmed it is moving its US headquarters from Englewood Cliffs, New Jersey, to its existing campus in Plano, Texas. This relocation is expected to result in the loss of approximately 1,000 jobs in New Jersey. The company stated the move is part of a business transformation to position the organization for long-term growth and future success, aiming to strengthen alignment and focus on key business areas. The company's New Jersey headquarters had only been operational for eight months. The move comes amid commentary suggesting businesses are leaving states with high corporate tax burdens, such as New Jersey's up to 11.5% rate, for states with more favorable tax environments like Texas, which has no corporate income tax. This trend has been observed with other major employers as well.