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.
STATE OF NEW YORK
________________________________________________________________________
582
2025-2026 Regular Sessions
IN SENATE(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:
1 Section 1. Subdivision 24 of section 352 of the economic development
2 law, as added by chapter 494 of the laws of 2022, is amended to read as
3 follows:
4 24. "Green CHIPS project" means a project meeting all of the following
5 criteria: (a) is within the semiconductor manufacturing and related
6 equipment and material supplier sector; (b) includes sustainability
7 measures to mitigate the project's greenhouse gas emissions impact over
8 its lifetime; (c) provides for the payment of not less than federal
9 prevailing wage rates for its project construction; (d) makes commit-
10 ments to worker and community investment, including through training and
11 education benefits paid by the participant and programs to expand
12 employment opportunity for economically disadvantaged individuals; (e)
13 will create at least [five] two hundred fifty net new jobs [and] or make
14 at least three billion dollars in qualified investment; and (f) the
15 participant undertaking a Green CHIPS project shall maintain a Green
16 CHIPS benefit-cost ratio of at least fifteen to one. Such projects are
17 eligible to enter into a phase one of a Green CHIPS project ten-year
18 benefit term. Such projects, provided they are in good standing with all
19 requirements of this chapter, are also eligible to enter into a phase
20 two of a Green CHIPS project, and therefore to initiate a new and sepa-
21 rate ten-year schedule related to phase two, provided that phase two
22 will create at least [five] two hundred fifty net new jobs beyond those
23 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.
LBD01328-01-5
S. 582 2
1 billion dollars in qualified investment beyond the investment total
2 associated with phase one. For Green CHIPS projects, phase one and phase
3 two terms may overlap, depending on the time of initiation for both
4 projects. In no event shall credits be awarded for a Green CHIPS project
5 beyond two thousand fifty.
6 § 2. This act shall take effect immediately.
