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Senate Bill S582

2025-2026 Legislative Session

Relates to green CHIPS projects

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Current Bill Status - In Senate Committee Commerce, Economic Development And Small Business Committee

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2025-S582 (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 2023-2024 Legislative Session:
S6049

2025-S582 (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.

2025-S582 (ACTIVE) - Sponsor Memo

2025-S582 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    582
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                                (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:
 
   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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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