Green CHIPS is a significant piece of legislation with the potential to have long-term impact by attracting billions in new private investment and leveraging billions more in federal incentives. It holds the potential to create thousands of new high-paying jobs and will cement New York as the nation’s leader in semiconductor manufacturing.
The bill [recently] passed the State Senate and Assembly and [as of press time was] expected to be signed into law by Gov. Kathy Hochul. Green CHIPS is an amendment to the Excelsior Tax Credit program that allows the state to offer up to $500 million a year in state tax credits to chip companies that build new factories in New York state with a focus on reducing carbon emissions and greenhouse gases. Companies must create at least 500 net new jobs and spend at least $3 billion in capital investments over 10 years. In addition to the impact it will have on Central New York as we pursue semiconductor manufacturers for the White Pine site in Clay, it will also drive opportunities in Albany, Marcy/Utica, and western New York. The economic opportunities created by such investments will undoubtedly have a ripple effect across the state. Green CHIPS will set a new standard for environmentally sustainable chip manufacturing and reinforce community engagement as a standard of project development.
Strategic, intentional investments, regardless of their size, are what will continue to drive growth and progress for our region. As the state advances projects and investments aimed at greater community impact, private companies are also recognizing the role they can play in advancing our economy through intentional investments. [Recently], Salina 1st officially broke ground on the $10 million, 52,000-square-feet facility that is the community’s first all-minority commercial development. The project will transform a vacant downtown property into a mixed-use, all-electric building that is equipped with solar panels and will be self-powered, giving off no carbon emissions.
Likewise, the Oneida Indian Nation, the largest employer in Oneida and Madison Counties, is highlighting its commitment to the community by creating new affordable housing for its employees. The Villages at Stoney Creek apartments are located next to Turning Stone and are exclusively for new employees relocating to the region. This project helps to reduce the pressure on local housing as the company looks to attract talent to the region. These projects reflect the kinds of ways local businesses can directly support the larger community.
As always, our economic-development team stands ready to assist companies looking to invest, expand. and grow within Central New York. Please contact Andrew Fish, senior VP of economic development. at email@example.com.
Robert M. Simpson is president and CEO of CenterState CEO, the primary economic-development organization for Central New York. This article is drawn and edited from the “CEO Focus” email newsletter that the organization sent to members on June 9.