Assemblywoman Carrie Woerner (D-Round Lake) announced that she co-sponsored and helped pass legislation to provide up to $500 million per year in tax credits to eligible Green CHIPS projects through the Excelsior Tax Credit program over 20 years (A.10507).

“The Green CHIPS bill will go a long way in cementing New York as a leader in semiconductor manufacturing, while creating good-paying jobs and driving investment,” Woerner said. “We’ve seen firsthand the positive impacts this industry can have on communities following the success of GlobalFoundries, which helped Saratoga become the only upstate county to experience population growth, and strong economic growth, over the past decade. This legislation will not only benefit our local and state economies but also bolster the U.S. supply chain in vital industries. I thank my fellow legislators for supporting this critical measure that I’ve long been fighting for and look forward to growing upon the success we’ve seen in our community.”

To qualify for tax credits, a project must create at least 500 new jobs, make at least $3 billion in capital investment over 10 years and include measures to mitigate the project’s gas emissions impact. The project must also provide worker and community investment, including training and education benefits and programs to expand employment opportunities for economically disadvantaged individuals. In turn, these projects would help communities, such as Saratoga, expand its workforce, reduce its carbon footprint, and advance recovery efforts.

Woerner noted that Upstate New York is well-positioned to attract advanced manufacturing:“The incentives provided by Green CHIPS bill, coupled with the investments made in workforce development through New York’s P-Tech and Early College High School programs, community colleges and universities, along with plentiful space and water,make upstate New York an attractive place for advanced semiconductor manufacturers to locate and grow. I have been advocating for this legislation since beginning my service in the State Legislature and have brought dozens of state lawmakers, including Speaker Carl Heastie, to visit GlobalFoundries’ facility in Malta over the past several years.”