Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

New York Commits $10 Billion in Tax Breaks for Chipmakers (1)

Aug. 11, 2022, 3:07 PMUpdated: Aug. 11, 2022, 5:38 PM

New York Gov. Kathy Hochul on Thursday greenlighted a multibillion-dollar corporate tax break to draw chip manufacturers to the state, aimed at boosting Albany’s competitiveness against others vying to build semiconductor plants.

Hochul (D), who was joined by US Senate Majority Leader Charles Schumer of New York and other political leaders, signed a bill that would provide a corporate subsidy up to $10 billion over a 20-year horizon to build, expand, or modernize US semiconductor fabrication plants, commonly known as fabs, just days after President Joe Biden signed into law a $52 billion bill to boost domestic semiconductor research and ...