Shulou(Shulou.com)11/24 Report--

New York Governor Kathy Hochul recently signed the first local "chip bill", which plans to provide targeted incentives to chip manufacturers to attract their investment projects to the state, according to the website.

The local legislation, known as the Green Chip Act (Green CHIPS), will provide targeted tax credits for semiconductor investment projects that meet the requirements. The conditions for applying for tax relief include investment of more than US $3 billion, and ensuring the creation of 500 jobs, supporting emission reduction and clean energy programs. The total amount of tax relief is expected to be as high as US $10 billion.

In addition, New York will allocate $200m in the state budget this year to improve infrastructure and $350 million to expand the labor supply to make it more attractive to semiconductor manufacturing projects.

Charles E. Schumer, speaker of the US Senate, said that the combination of the federal bill and the state's local legislation will strongly promote the development of the semiconductor industry in the region.

Thomas Caulfield, president and CEO of GlobalFoundries, said that a new chapter in chip manufacturing in the United States is beginning, and the historic chip bill and New York Green CHIPS legislation will promote semiconductor manufacturing and innovation. GE Core appreciates the New York State approach and is actively considering the investment layout.

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