City Examines Incentives for Visa Jobs
The Austin City Council today reviewed its plan to offer incentives to the credit card company Visa to establish an information technology center in the city.
The incentives total $250 per job per year, for 10 years. To earn the money, Visa has to create 794 full-time jobs. Those jobs average $113,000 annual salary plus benefits. The council heard comments from the public, including Paul Robbins, who said Austin’s already high housing and utility costs are a reason to oppose incentives for ventures like Visa and Formula One.
“Credit transactions and race cars are not at the top of this pyramid,” Robbins said.
If the council approves the plan, the state of Texas will pay Visa an additional $8 million in incentives.