Gov. Kathy Hochul signs state legislation to support fed CHIPS Act
Gov. Kathy Hochul has signed legislation to support the production of semiconductors and establish the state as a manufacturing hub. She said the Green CHIPS legislation builds on the federal government's CHIPS Act by positioning the state to capitalize on the opportunity to attract chip manufacturers to locate here.
Hochul said semiconductor manufacturing could generate around $3 billion in investment and about 500 new jobs for every project.
The legislation has a pay-for-performance Excelsior Jobs Tax Credit program which requires $15 of private investment for every dollar of state investment in order for semiconductor manufacturers to get state support.