The semiconductor chip industry is in line for up to $10 billion in New York tax breaks over the next 20 years after Hochul approved the measure this morning, despite some critics saying it amounts to corporate welfare.
Gov. Kathy Hochul touts a tax break for the semiconductor industry that critics are calling a corporate giveaway.Gov. Kathy Hochul touts a tax break for the semiconductor industry that critics are calling a corporate giveaway.The semiconductor industry is in line for up to $10 billion in New York tax breaks over the next 20 years after Gov. Kathy Hochul approved the measure on Thursday morning, despite some critics saying it amounts to corporate welfare.
– which includes more than $50 billion flagged for semiconductor manufacturing and research. President Joe Biden signed the bill into law this week. “Companies themselves say that access to infrastructure, a qualified workforce, and quality of life are far more important factors than tax breaks,” the group wrote in a statement Thursday. “We have seen no evidence suggesting that chip manufacturers are an exception.”
Just six of 213 state lawmakers voted against it, including three from New York City: state Sen. Liz Krueger, and Assemblymembers Ron Kim and Jessica Gonzalez-Rojas.
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