“The supply-chain issues brought on the COVID-19 pandemic have had a significant impact on families and businesses. It’s critical that we boost domestic production to address these challenges, as well as grow our economy and create good-paying jobs in our communities. I’m thrilled with the passage of the Chips and Science Act, which will provide $52 billion in semiconductor production subsidies and $170 billion over five years to boost scientific research.1 This legislation is exactly what our nation needs as we recover from the pandemic.
“This effort at the federal level builds on action we took here in New York at the end of the legislative session. I co-sponsored and passed 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). To qualify for the credits, a project must create at least 500 new jobs, make at least $3 billion in capital investment over 10 years and include initiatives to reduce the emissions impact of the facility.
“We’ve already seen the immense benefits that the semiconductor industry can bring through the success of GlobalFoundries in Saratoga. Their planned expansion of this facility, in Malta, will bring thousands of more good paying jobs to our community. Further, our upstate communities have the space necessary for large manufacturing facilities and are poised to reap the benefits of this critical legislation. I’ll continue working my colleagues to grow New York’s advanced manufacturing sector and cement our place as a national leader in innovation and growth.”