New York Governor Kathy Hochul recently signed the first local "Chip Act", which plans to provide targeted incentives to chip manufacturers to attract their investment projects to settle in the state. This local legislation called Green Chip Law (Green CHIPS) will provide targeted tax credits for eligible semiconductor investment projects. With the addition of 500 new jobs and supporting emission reduction and clean energy plans, the overall scale of relief is expected to reach US$10 billion.
In addition, New York State will allocate $200 million in the state treasury this year to improve infrastructure and $350 million to expand the labor supply to increase the attractiveness of semiconductor manufacturing projects.
US Senate Speaker Charles E. Schumer said that the combination of the federal bill and the state's local legislation will strongly promote the development of the semiconductor industry in the region. Thomas Caulfield, President and CEO of GlobalFoundries, said a new chapter in US chip manufacturing is opening, with the historic Chip Act and New York State's Green CHIPS legislation boosting a wave of semiconductor manufacturing and innovation. GF appreciates New York State's approach and is actively considering investment placement.
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