Saturday, July 20, 2024
NY marks CHIPS and Science Act milestone.

NY marks CHIPS and Science Act milestone.

New York Officials Celebrate One-Year Anniversary of CHIPS and Science Act

New York officials are celebrating the one-year anniversary of the CHIPS and Science Act, highlighting significant investments made across the state. These investments include Micron’s plan to build a $100 billion semiconductor plant outside Syracuse, which is expected to generate tens of thousands of jobs. Additionally, IBM has announced a $20 billion investment in the Hudson Valley.

Lt. Gov. Antonio Delgado attributes these investments to the year-old law, which allocates around $50 billion to support domestic chip production. New York has also implemented its own state-level initiatives, such as offering $10 billion in tax credits for semiconductor-related projects. Delgado emphasizes that these investments will drive the future green technology and advanced manufacturing sectors.

Mechanisms in Place to Monitor Semiconductor Investments

While there have been concerns about government investments going awry, Delgado assures that there are mechanisms in place to monitor these semiconductor investments. Companies like Micron must meet certain metrics and standards, with accountability measures in place if they fail to do so.

Positive Changes and Returns on Investments Expected

The anniversary of the CHIPS and Science Act comes at a time when public perception of the U.S. economy is worrisome. However, Delgado believes that the implementation of the act will lead to positive changes and returns on these investments. He acknowledges that it will take time for these returns to materialize and cautions against expecting immediate results.

Praise for CHIPS Bill from Senator Chuck Schumer

New York Senator Chuck Schumer, who played a key role in passing the CHIPS bill, praised it as one of the most significant pieces of legislation in decades, bringing back good-paying jobs to America and securing the country’s leadership in science and national security.

New York Leads Nation’s Manufacturing Comeback

Governor Kathy Hochul also highlighted the investments made in the past year, declaring that New York is spearheading the nation’s manufacturing comeback.

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