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Austin To Offer Tax Incentives For New Tech Development
The City of Austin wants to give tax incentives to a high-tech firm for bringing 1,000 new high-paying jobs to Austin.
National Instruments, already headquartered in Austin, is planning a new project that would mean 1,000 full-time engineering and technology jobs. The average salary is more than $72,000, according to the city of Austin. National Instruments would retain 2,440 current positions.
The city says National Instruments would invest $47 million in new construction. It would build a new 300,000 square-foot facility on approximately 8.5 acres adjacent to the current site.
Austin is in competition with Penang, Malaysia for this project. The city says the proposed agreement would give the company a performance-based economic grant equal to 50 percent of the property taxes generated by the project over a 10 year period, about $1.7 million. The city says the project would result in a net benefit of $7.6 million, including the incentive.
Also National Instruments would pay higher than the prevailing wages or $11.00 per hour to all construction workers and full time employees.
The expected start date of the project is July 1. The City Council will hold a public hearing on the proposal on March 7.
Find additional information about the proposal on austintexas.gov/economicgrowth.