NXP Semiconductors NV is investing $291 million to upgrade production lines at two of its Austin factories. According to the Austin Business Journal, NXP is seeking support from the Texas Enterprise Zone Program, which offers over $1 million in tax refunds as an incentive for companies that expand their operations.
As part of this improvement plan, NXP has committed to creating 53 new jobs and currently employs 2,768 people at these sites. The city will also provide rebates on property taxes as a form of incentives.
The Texas Enterprise Zone Program aims to stimulate private investment and job creation in economically distressed areas by offering sales and use tax refunds. It provides state incentives for companies that commit to creating or retaining jobs and hiring from disadvantaged communities.
Pending approval from the Texas Governor’s Office, NXP could receive up to $2,500 per job created or retained with a maximum reimbursement of $1.25 million over five years in state sales and use taxes.
This news was originally reported by Connect CRE but has been rewritten using active voice without mentioning “Connect” or specific locations such as LA or Texas.
