Assembly Actions -
Senate Actions - UPPERCASE
|Aug 11, 2022||
delivered to governor
|Jun 03, 2022||
returned to senate
message of necessity - 3 day message
ordered to third reading rules cal.763
substituted for a10507
|Jun 02, 2022||
referred to ways and means
delivered to assembly
message of necessity - 3 day message
ordered to third reading cal.1885
committee discharged and committed to rules
|May 31, 2022||
referred to commerce, economic development and small business
Senate Bill S9467Signed By Governor
2021-2022 Legislative Session
Archive: Last Bill Status - Signed by Governor
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S9467 (ACTIVE) - Details
2021-S9467 (ACTIVE) - Sponsor Memo
BILL NUMBER: S9467 SPONSOR: COONEY TITLE OF BILL: An act to amend the economic development law, in relation to allowing for eligibility of Green CHIPS projects in the Excelsior tax credit program PURPOSE: This legislation amends the Excelsior Jobs Tax Credit Program to include Green CHIPS projects and provides certain special provisions within the program to account for the unique nature of Green CHIPS Projects. This legislation would allow NYS to access Federal CHIPS funding and attract new semiconductor manufacturing and related material supplier projects to locate in New York. SUMMARY OF PROVISIONS: Section 1. This section defines a Green CHIPS project as Green CHIPS Projects are semiconductor manufacturing and related material supplier
2021-S9467 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9467 I N S E N A T E May 31, 2022 ___________ Introduced by Sen. COONEY -- 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 allowing for eligibility of Green CHIPS projects in the Excelsior tax credit program THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 16 of section 352 of the economic development law, as amended by section 1 of part K of chapter 59 of the laws of 2017, is amended and two new subdivisions 3-a and 24 are added to read as follows: 3-A. "GREEN CHIPS BENEFIT-COST RATIO" MEANS THE FOLLOWING CALCULATION WITH RESPECT TO GREEN CHIPS PROJECTS: THE RATIO WHERE THE NUMERATOR IS THE SUM OF: (A) THE VALUE OF ALL REMUNERATION PROJECTED TO BE PAID FOR ALL NET NEW JOBS DURING THE PERIOD OF PARTICIPATION IN THE PROGRAM; (B) THE VALUE OF CAPITAL INVESTMENTS TO BE MADE BY THE BUSINESS ENTERPRISE DURING THE PERIOD OF PARTICIPATION IN THE PROGRAM; AND (C) ALL RESEARCH AND DEVELOPMENT EXPENDITURES BY THE PARTICIPANT IN NEW YORK STATE DURING THE PERIOD OF PARTICIPATION IN THE PROGRAM; AND THE DENOMINATOR IS THE AMOUNT OF TOTAL TAX BENEFITS UNDER THIS ARTICLE THAT WILL BE USED AND REFUNDED AS WELL AS ANY STATE GRANTS PROVIDED TO THE PARTICIPANT. 16. "Preliminary schedule of benefits" means the maximum aggregate amount of each component of the tax credit that a participant in the excelsior jobs program is eligible to receive pursuant to this article. The schedule shall indicate the annual amount of each component of the credit a participant may claim in each of its ten years of eligibility. The preliminary schedule of benefits shall be issued by the department when the department approves the application for admission into the program. The commissioner may amend that schedule, provided that the commissioner complies with the credit caps in section three hundred fifty-nine of this article AS APPLICABLE. 24. "GREEN CHIPS PROJECT" MEANS A PROJECT MEETING ALL OF THE FOLLOWING CRITERIA: (A) IS WITHIN THE SEMICONDUCTOR MANUFACTURING AND RELATED EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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