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Lawmakers give $10B tax break to microchip industry at Gov. Hochul and Sen. Schumer’s request

The New York State Legislature has given approval to $10 billion in last minute tax breaks for ‘green’ semiconductor manufacturing projects.

According to the Times Union, opponents called the bill the largest, industry-specific tax break ever granted by lawmakers in New York.

It totals $10 billion in state tax credits over 20 years to promote growth of new ‘green’ semiconductor manufacturing projects.

Governor Kathy Hochul’s office requested that the bill be introduced days before the legislative session wrapped up. And without much debate, it was passed.

The Times Union says watchdog groups have questioned the bill, with John Kearny, executive director of Reinvent Albany calling it the ‘ugliest of Albany’. “In this type of fog, the governor’s office can misinform the Legislature, and do it all at the last second,” he said.

Hochul’s push is timed alongside Sen. Chuck Schumer’s effort to expand semiconductor production across the U.S. However, he’s been focused on ways the state could win in that expansion effort.

Some Democrats say clearing this bill was a means to ending ‘massive’ barriers to projects coming to New York.