Speaker Carl Heastie and Assemblymember Al Stirpe today announced the Assembly has passed the Green CHIPS bill, which would incentivize semiconductor manufacturers to build new factories in New York State by making them eligible for the Excelsior Jobs Tax Credit Program (A.10507, Stirpe).
“Semiconductors are present in almost every electronic device we use today,” said Speaker Heastie. “This legislation would encourage manufacturers to build here in New York, which would create countless jobs and help alleviate the global shortage of these essential chips.”
“There is a desperate need to ramp up production of semiconductors and New York is ready to meet the moment,” said Assemblymember Stirpe. “This bill would strengthen the state’s position globally in semiconductor manufacturing and create good paying jobs for many hard working New Yorkers.”
To be eligible for the Excelsior Jobs Tax Credit Program, a Green CHIPS project would be required to create at least 500 net new jobs and spend at least $3 billion in capital investment over a period of ten years. These businesses would also be required to have a plan to limit their greenhouse gas emissions and to establish programs to expand employment opportunities for economically disenfranchised individuals.
Today’s legislation is passed as Congress works to negotiate a plan that would provide funding for government subsidies for semiconductor production in the United States. Global chip shortages have led to demand for products that contain the chips, such as cars electronics and medical devices to exceed supply of the products, resulting in increased inflation.