NY State Senate Bill 2023-S6049

Archive: Last Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2024	referred to commerce, economic development and small business
Mar 27, 2023	referred to commerce, economic development and small business

2023-S6049 (ACTIVE) - Details

Current Committee:: Senate Commerce, Economic Development And Small Business
Law Section:: Economic Development Law
Laws Affected:: Amd §352, Ec Dev L
Versions Introduced in 2025-2026 Legislative Session:: S582

2023-S6049 (ACTIVE) - Summary

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.

2023-S6049 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S6049

SPONSOR: HELMING
 
TITLE OF BILL:

An act to amend the economic development law, in relation to green CHIPS
projects

 
PURPOSE:

This legislation would expand eligibility to semiconductor manufacturers
and related supply chain projects with smaller-scale employment.

 
SUMMARY OF PROVISIONS:

Sections 1: Amends the economic development law to revise requirements
for eligibility as a green CHIPS project to a net employment of 250 jobs
or an investment threshold of $3 billion over the term of the project

Section 2: effective date.

JUSTIFICATION:

In 2022, New York enacted Green CHIPS legislation designed to prioritize
the economic importance of the semiconductor industry in New York State.
Semiconductors and their manufacturing components play an important role
in technological innovations that impact products and services other
industries, and people, rely on every day. The semiconductor industry
and related supply chain is vital to the New York economy and the nation
as a whole. As such, New York enacted Green CHIPS incentives to boost
its competitive status as a national leader in semiconductor manufactur-
ing and jobs.

Unfortunately, the Green CHIPS incentives included exclusionary thresh-
olds that may deter some companies from entering and expanding their
industrial footprints in New York, particularly in smaller communities.
To address these barriers, this legislation lowers the threshold of net
jobs and revises the necessary investment that makes a company eligible
for Green CHIPS incentives. By amending these requirements, New York can
be more readily attractive to potential investors, leading to high-tech
and high-paying jobs. Further, these incentives can encourage the
reshoring of manufacturing to New York State and the U.S. These jobs are
especially critical for upstate communities that have been challenged by
out-migration and the shuttering of industrial facilities. Opening the
Green CHIPS program to companies seeking to expand their operations and
grow jobs in New York's smaller and rural communities has the potential
to greatly impact those communities and all of the state.

 
LEGISLATIVE HISTORY:

New Bill.

 
FISCAL IMPLICATIONS:

Undetermined.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S6049 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6049
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 27, 2023
                                ___________
 
 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:
 
   Section 1. Subdivision 24 of section 352 of the  economic  development
 law,  as added by chapter 494 of the laws of 2022, is amended to read as
 follows:
   24. "Green CHIPS project" means a project meeting all of the following
 criteria: (a) is within  the  semiconductor  manufacturing  and  related
 equipment  and  material  supplier  sector;  (b) includes sustainability
 measures to mitigate the project's greenhouse gas emissions impact  over
 its  lifetime;  (c)  provides  for  the payment of not less than federal
 prevailing wage rates for its project construction;  (d)  makes  commit-
 ments to worker and community investment, including through training and
 education  benefits  paid  by  the  participant  and  programs to expand
 employment opportunity for economically disadvantaged  individuals;  (e)
 will create at least [five] TWO hundred FIFTY net new jobs [and] OR make
 at  least  three  billion  dollars  in qualified investment; and (f) the
 participant undertaking a Green CHIPS project  shall  maintain  a  Green
 CHIPS  benefit-cost  ratio of at least fifteen to one. Such projects are
 eligible to enter into a phase one of a  Green  CHIPS  project  ten-year
 benefit term. Such projects, provided they are in good standing with all
 requirements  of  this  chapter, are also eligible to enter into a phase
 two of a Green CHIPS project, and therefore to initiate a new and  sepa-
 rate  ten-year  schedule  related  to phase two, provided that phase two
 will create at least [five] TWO hundred FIFTY net new jobs beyond  those
 created  in  phase one, [and] OR that phase two will make at least three
 billion dollars in qualified  investment  beyond  the  investment  total
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10335-01-3

 S. 6049                             2
 
 associated with phase one. For Green CHIPS projects, phase one and phase
 two  terms  may  overlap,  depending  on the time of initiation for both
 projects. In no event shall credits be awarded for a Green CHIPS project
 beyond two thousand fifty.
   § 2. This act shall take effect immediately.

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Senate Bill S6049

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Archive: Last Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee

Actions

2023-S6049 (ACTIVE) - Details

2023-S6049 (ACTIVE) - Summary

2023-S6049 (ACTIVE) - Sponsor Memo

2023-S6049 (ACTIVE) - Bill Text download pdf

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Sponsored By

Pamela Helming

Archive: Last Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee

Actions

2023-S6049 (ACTIVE) - Details

2023-S6049 (ACTIVE) - Summary

2023-S6049 (ACTIVE) - Sponsor Memo

2023-S6049 (ACTIVE) - Bill Text download pdf

Comments