Governor Hochul Signs Transformative Green Chips Legislation to Create Jobs and Lower Emissions by Boosting Semiconductor Manufacturing in New York
August 11, 2022
First-in-the-Nation Legislation Offers Financial Assistance in Exchange for New Jobs, Capital Investment, and Reduction of Greenhouse Gas Emissions
Companies Must Deliver Tangible Community Benefits, Including Prevailing Wage, Workforce Training, and Programs To Expand Opportunities for Disadvantaged Populations
Prepares New York to Take Advantage of Major Economic Opportunities Created by Federal CHIPS and Science Bill Signed into Law by President Biden This Week
Governor Hochul today signed the groundbreaking, first-in-the-nation Green CHIPS legislation (S.9467/ A.10507) aimed at creating jobs, kick-starting economic growth and maintaining important environmental protections while making New York a hub for semiconductor (also known as "chips") manufacturing. Green CHIPS will help New York capitalize on a historic opportunity to attract chip manufacturers to the state, generating at least $3 billion investment, creating 500 new jobs per project, and lowering greenhouse gas emissions related to chip production. In doing so, the legislation will also help to make the everyday technologies that use these chips more affordable and improve the state's economic standing overall.
This new law also positions New York State to greatly benefit from the federal CHIPS and Science Act to increase domestic semiconductor manufacturing in the United States, which was signed into law by President Joseph R. Biden earlier this week. New York's Green CHIPS bill will help the State to conform to the requirements of the federal program, enhancing its competitiveness against other states looking to attract chip manufacturers, all while ensuring this expansion of advanced manufacturing is environmentally sustainable.
"New York is poised to lead the nation in semiconductor manufacturing — and as always, we're doing it in the cleanest, greenest way possible," Governor Hochul said. "This transformative legislation, in addition to longstanding investments in this industry and bipartisan action from the federal government, takes a significant step forward in creating jobs and sparking economic growth in New York. If you're looking for a high-tech job or trying to relocate your business, there's no better place than New York State."