According to media reports, chip maker NXP Semiconductors plans to spend $2.6 billion to expand a chip factory with the Austin Independent School District in Texas, and provide 800 high-paying jobs for the local area in exchange for tax cuts...

Chip maker NXP Semiconductors recently held a meeting with board members of the Austin Independent School District (AISD) in Texas, where it plans to spend $2.6 billion to expand its chip plant in exchange for tax cuts.

Jason Stanford, a spokesman for the Austin Independent School District, said a vote would be made within two weeks on whether NXP could continue to apply for the tax cut, known as the Section 313 agreement.

Under Chapter 313 of state law, Texas public schools can provide tax benefits to companies investing in their communities. In exchange, businesses pay school districts money to subsidize their share of property tax revenue.

Previously, NXP representatives told a May 10 meeting that the company was considering a $2.6 billion expansion plan that would create about 800 new high-paying jobs. The agreement may also provide AISD students with potential benefits such as internships and STEM (science, technology, engineering and math) learning opportunities.

NXP spokesman Jacey Zuniga said that the company is also considering other cities other than Austin as the location for the expansion of the factory.

The company also said the district’s approval of the tax cuts would not adversely affect the company, and that failure to recover funds would not affect payments to school districts in need.

It's important to note that the proposal was only discussed at the May 10 meeting, and the board is expected to meet again to decide whether to move forward with the tax cuts.