ALBANY, N.Y. — Gov. Kathy Hochul on Thursday signed Green CHIPS legislation that seeks to create jobs, maintain environmental protections, and make New York a hub for semiconductor manufacturing.
Green CHIPS amends the longstanding, pay-for-performance, Excelsior Jobs Tax Credit program, which provides incentives based on job creation and company investment to “better attract” semiconductor manufacturing facilities, by adding a new Green CHIPS category to the program.
Green CHIPS projects must be in the semiconductor sector and must result in at least $15 of private investment for every $1 of state investment. To ensure transparency and accountability, all Green CHIPS projects will be listed on New York State’s Database of Economic Incentives, as well as in Quarterly Excelsior Jobs Tax Credit program reports.
Green CHIPS will “help New York capitalize on a historic opportunity” to attract chip manufacturers to the state, Hochul’s office contends. Such manufacturers would generate at least $3 billion of investment, create 500 new jobs per project, and lower greenhouse-gas emissions related to chip production.
In doing so, the legislation will also help to make the everyday technologies that use these chips “more affordable and improve the state’s economic standing overall” the governor’s office added.