Dallas-based Texas Instruments and Taiwanese-owned GlobiTech are in line for more than $3 billion in property tax breaks that the city of Sherman, the local...
Sherman area officials didn’t need to forgo nearly $3 billion in taxes over the next four decades to land the manufacturing plants, Whiton said, who tracks and analyzes economic incentives.
The level of excitement about the two companies’ presence in Sherman has exploded in a way it hasn’t in decades, Sherman Economic Development Corp. President Kent Sharp said. Sharp considers the money allocated to the two companies from the city, county and school district and college not as subsidies, but as investments in the area’s economic future.
The breakdown of state and local property tax savings or refunds for Texas Instruments totals $67 million a year, according to a Good Jobs First analysis of Texas Comptroller of Public Accounts records. Sherman ISD offered TI $954 million from 2025-2060, the City of Sherman $741 million, Grayson County $571 million and Grayson College $91 million.GlobiTech stands to save $13 million a year from 2027 to 2069.
Construction continues as Texas Instruments builds two new chip fabrication plants at its site in Sherman on Wednesday, July 5, 2023. The company's eventual investment will total more than $30 billion in a total of four plants.Texas Instruments is in the process of applying for CHIPS Act grants, said Ellen Fishpaw, the company’s media relations director. The funding will be meaningful to its manufacturing operations in Texas and Utah, Fishpaw said.
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