Bill > S00582

This bill amends the definition of a "Green CHIPS project" in New York's economic development law, modifying the criteria for qualifying semiconductor manufacturing projects. The key changes include lowering the job creation threshold from 500 to 250 net new jobs, and providing an alternative qualification path where a project can either create 250 new jobs or make at least $3 billion in qualified investment. The bill maintains other existing requirements, such as implementing sustainability measures to reduce greenhouse gas emissions, paying federal prevailing wage rates, providing worker and community investment programs, and maintaining a benefit-cost ratio of at least 15 to 1. The bill allows Green CHIPS projects to have two phases, with each phase potentially creating 250 new jobs or making $3 billion in investment, and permits some overlap between these phases. The project credits are limited to the year 2050, and the changes are designed to encourage semiconductor manufacturing and related industry development in New York while promoting sustainable and community-focused economic growth.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S582