ALBANY, N.Y. (NEWS10) – On the heels of the historic CHIPS and Science Bill being signed into law by President Biden, U.S. Senate Majority Leader Chuck Schumer will join Governor Hochul for the signing of the New York Green CHIPS legislation Thursday morning. The signing, scheduled for 10 a.m. at the Zero Nanotechnology building in Albany, will provide a new state investment that complements the federal CHIPS incentives and helps further position New York to land more major microchip manufacturers.
The bill was passed by the state Senate in June. It provides the Governor’s administration with hundreds of millions of dollars in state tax incentives to entice computer chip manufacturers to build new factories in upstate New York.
Green CHIPS Projects are semiconductor manufacturing facilities that also include sustainability measures to mitigate greenhouse emissions over the lifetime of the project with additional commitments to worker training and community investment.
Governor Hochul says this legislation will create jobs, reduce carbon emissions and boost upstate economic growth. “Protect the health of the economy… and make sure our businesses have an environment where they can thrive and hire people… This has been my dream and my vision and today we’re taking it an important step forward to make that become a reality,” said Governor Hochul.
The bill creates a new subset of tax incentives the state can offer to chipmakers through its Excelsior Business Tax Credit Program, which provides tax incentives for job creation, capital investments, research, and development. The total would be capped at $500 million annually over 20 years, but it would be difficult for the state to attract enough chip fabs over that period to use up their credits.
“The signing of this bill makes New York not only more competitive against other states; but also positions us to lead, ushering in a new generation of green manufacturing in New York,” said NYS Senator Jeremy Cooney.
Governor Hochul inked her signature on the legislation as part of a live announcement. It concluded at about 10:50 a.m. Thursday.