Bill Text: NY S00582 | 2025-2026 | General Assembly | Introduced

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Bill Title: Provides that a green CHIPS project means that the project shall meet certain criteria, including but not limited to, it will create at least 250 new net jobs or make at least 3 billion dollars in qualified investment; makes related provisions.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2025-01-08 - REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND SMALL BUSINESS [S00582 Detail]

Download: New_York-2025-S00582-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           582

                               2025-2026 Regular Sessions

                    IN SENATE

                                       (Prefiled)

                                     January 8, 2025
                                       ___________

        Introduced  by  Sen. HELMING -- read twice and ordered printed, and when
          printed to be committed to the Committee on Commerce, Economic  Devel-
          opment and Small Business

        AN ACT to amend the economic development law, in relation to green CHIPS
          projects

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 24 of section 352 of the  economic  development
     2  law,  as added by chapter 494 of the laws of 2022, is amended to read as
     3  follows:
     4    24. "Green CHIPS project" means a project meeting all of the following
     5  criteria: (a) is within  the  semiconductor  manufacturing  and  related
     6  equipment  and  material  supplier  sector;  (b) includes sustainability
     7  measures to mitigate the project's greenhouse gas emissions impact  over
     8  its  lifetime;  (c)  provides  for  the payment of not less than federal
     9  prevailing wage rates for its project construction;  (d)  makes  commit-
    10  ments to worker and community investment, including through training and
    11  education  benefits  paid  by  the  participant  and  programs to expand
    12  employment opportunity for economically disadvantaged  individuals;  (e)
    13  will create at least [five] two hundred fifty net new jobs [and] or make
    14  at  least  three  billion  dollars  in qualified investment; and (f) the
    15  participant undertaking a Green CHIPS project  shall  maintain  a  Green
    16  CHIPS  benefit-cost  ratio of at least fifteen to one. Such projects are
    17  eligible to enter into a phase one of a  Green  CHIPS  project  ten-year
    18  benefit term. Such projects, provided they are in good standing with all
    19  requirements  of  this  chapter, are also eligible to enter into a phase
    20  two of a Green CHIPS project, and therefore to initiate a new and  sepa-
    21  rate  ten-year  schedule  related  to phase two, provided that phase two
    22  will create at least [five] two hundred fifty net new jobs beyond  those
    23  created  in  phase one, [and] or that phase two will make at least three

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01328-01-5
        S. 582                              2

     1  billion dollars in qualified  investment  beyond  the  investment  total
     2  associated with phase one. For Green CHIPS projects, phase one and phase
     3  two  terms  may  overlap,  depending  on the time of initiation for both
     4  projects. In no event shall credits be awarded for a Green CHIPS project
     5  beyond two thousand fifty.
     6    § 2. This act shall take effect immediately.