NY S09467

Creates a new "Green CHIPS project" category eligible for the Excelsior jobs tax credit program, requiring projects to be in semiconductor manufacturing, include sustainability measures to reduce greenhouse gas emissions, and pay federal prevailing wage rates for construction.

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

Allows Green CHIPS projects to have two overlapping phases, each with separate 10-year benefit terms, provided phase two creates an additional 500 net new jobs and makes an additional $3 billion in qualified investment beyond phase one.

Establishes a separate $500 million annual tax credit cap for Green CHIPS projects for taxable years 2022 through 2041, with unused credits carrying forward to subsequent years and no credits allowed after January 1, 2050.

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