SEOUL—Samsung Electronics has floated the prospect of investing nearly $200 billion for 11 new chip-making plants in Texas over the next two decades, a mega splurge that if executed would dramatically boost its semiconductor foothold in the U.S.

The South Korean tech giant’s proposed spending was divulged in recent filings submitted to the Texas Comptroller’s office and made public Wednesday. One likely motivation is a year-end expiration of a Texas state incentive program offering property tax breaks for 10 years for large investments.