AUSTIN (Austin Business Journal) — A Round Rock-based manufacturer of photomasks for the semiconductor industry on May 19 was denied a Chapter 313 incentives application for a proposed $900 million expansion, marking a rare setback for the rapidly expanding semiconductor industry in the Austin region.

Toppan Photomasks Inc. had been seeking initial approval of the application from Round Rock Independent School District as part of a proposed expansion that would have brought at least 250 additional manufacturing jobs north of Austin. The project proposed a value limitation of $100 million for the maintenance and operations portion of school taxes, which is the maximum taxable value for tax purposes under the 313 program, according to board documents.

Read the full story in the Austin Business Journal.