NY A10507

Establishes "Green CHIPS projects" as a new eligibility category in the Excelsior jobs program for semiconductor manufacturing and related equipment/material suppliers that include sustainability measures, pay federal prevailing wages, and commit to worker/community investment.

Requires Green CHIPS projects to create at least 500 net new jobs, make at least $3 billion in qualified investment, and maintain a benefit-cost ratio of at least 15 to 1.

Allows Green CHIPS projects to enter a two-phase structure with separate 10-year benefit terms, with phase two requiring at least 500 additional net new jobs and $3 billion in additional qualified investment beyond phase one.

Provides enhanced tax credits for Green CHIPS projects: 7.5 percent on up to $200,000 in gross wages per job (adjustable for inflation), up to 5 percent on qualified investments, and up to 8 percent on research and development expenditures.

Allocates up to $500 million per year in tax credits for Green CHIPS projects for taxable years 2022 through 2041, with credits allowed through January 1, 2050.