What CHIPS Legislation Means for Central New York
Posted on July 20, 2022
Late Tuesday, the CHIPS for America Act and the Investment Tax Credit (ITC) passed an important procedural hurdle in a floor vote in the U.S. Senate. In all, 64 Senators voted in favor of the measure - an indication of strong bipartisan support. These are two critical tools that CenterState CEO has vocally advocated for to increase our global competitiveness in the semiconductor industry, while reshoring American production of these devices and bringing unprecedented opportunity to create jobs and economic prosperity in our country and community.
While this is an important step forward, CHIPS and ITC still need final Senate approval, which could happen within in the coming week. CenterState CEO thanks U.S. Senator Chuck Schumer for his determined and unwavering leadership on the CHIPS for America legislation. Upon passage, it will head to the House of Representatives where it will receive support from the bill's co-sponsor, Representative John Katko. If approved by that chamber, the president has indicated he will quickly sign it into law. In this critical moment, we call on Congress vote to approve CHIPS and ITC.
“What’s happened over the past couple of decades is that governments in other parts of the world have really invested heavily in this industry and provided incentives for production capabilities in their countries to serve markets across the world,” said Kevin Schwab, vice president, public policy and government relations for CenterState CEO. “ Semiconductors touch on just about every aspect of our lives now. We’ve seen what happens when there’s a CHIP shortage; supply lines are impacted all across nearly every industry and we’re still feeling those effects on our economy. This bill would really provide those types of incentives to expand production domestically here in the United States.”
This legislation is crucial to efforts to attract a major semiconductor project to the White Pine mega-site, in Clay. The site is just one of a handful nationally that has the infrastructure needed to support a large semiconductor manufacturing project, including site size and readiness for construction, access to fresh water, a clean and renewable power supply, and a talented workforce. Thanks to the efforts of County Executive Ryan McMahon, White Pine is attracting significant attention and is well-positioned land such a project.
“We have all the assets you need to be a major part of the future growth of this industry. White Pine is an ideal site for semiconductor mega projects. You need the right combination of size, accessibility, large amounts of clean, reliable power, water access and an educated workforce. And we have a commitment by the state to invest in this industry. So we are really well positioned (in Central New York).”
CenterState CEO’s team will continue to follow this legislative process and share information as it becomes available. To support these efforts, share President Rob Simpson’s Linkedin post to your followers and call on the region’s elected leaders to act.
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