senate Bill S9467

Signed By Governor
2021-2022 Legislative Session

Allows for eligibility of green CHIPS projects in the Excelsior tax credit program

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (14)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 11, 2022 signed chap.494
delivered to governor
Jun 03, 2022 returned to senate
passed assembly
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
passed senate
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

Co-Sponsors

S9467 (ACTIVE) - Details

See Assembly Version of this Bill:
A10507
Law Section:
Economic Development Law
Laws Affected:
Amd §§352, 353, 355 & 359, Ec Dev L

S9467 (ACTIVE) - Summary

Allows for eligibility of green CHIPS projects in the Excelsior tax credit program.

S9467 (ACTIVE) - Sponsor Memo

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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