Business Coalition Urges New York to Support CHIPS Act

News Summary

A group of business advocacy organizations in New York is urging the state’s congressional delegation to sustain support for the CHIPS and Science Act, crucial for economic growth and job creation. A recent letter highlights the act’s potential impact of creating around 500,000 jobs by 2030 through investments in semiconductor manufacturing. Additionally, some representatives are backing the Infrastructure Project Acceleration Act, aimed at easing environmental permitting for significant manufacturing projects, including Micron’s $100 billion semiconductor factory in Syracuse.

New York

A coalition of business advocacy organizations from New York is calling on the state’s congressional delegation to maintain support for the CHIPS and Science Act amid threats of potential repeal. This coalition believes that the legislation is vital for the state’s economic growth and job creation.

A letter dispatched to the congressional delegation on Monday highlights the positive impact of the CHIPS and Science Act, which is anticipated to support approximately 500,000 jobs in New York by the year 2030, along with the creation of over 100,000 new positions. The letter, which has gained the endorsement of the president of the Business Council of New York State and leaders from ten other organizations, aims to emphasize the importance of maintaining the law.

The CHIPS and Science Act, enacted in 2022 with bipartisan support, seeks to boost domestic semiconductor production. This act has spurred significant investments in New York, which include plans for a $100 billion semiconductor factory by Micron near Syracuse, as well as expansions by GlobalFoundries in Malta and projects at Corning Industries and Edwards Vacuum in the Finger Lakes region.

Notably, former President Donald Trump has publicly criticized the CHIPS Act, labeling it as “horrible” and suggesting that it constitutes a misuse of taxpayer dollars. Trump has also proposed tariffs as an alternative strategy to incentivize manufacturing companies to relocate to the United States without relying on financial subsidies from the CHIPS law.

Legislative Developments and Economic Growth

In conjunction with the support for the CHIPS and Science Act, Representative Nick Langworthy, who serves New York’s 23rd district, has introduced the Infrastructure Project Acceleration Act. This proposed legislation aims to streamline environmental permitting for substantial manufacturing projects, including the aforementioned Micron semiconductor facility.

The Infrastructure Project Acceleration Act seeks to exempt projects in states that have environmental standards meeting or exceeding those of the National Environmental Policy Act (NEPA) from additional federal review processes. Currently, the only states that meet this criterion are New York, California, and Massachusetts. Langworthy has underscored that excessive bureaucratic procedures can hinder economic development, and this bill aims to alleviate construction delays for crucial projects like Micron’s facility.

At present, Micron is encountering elongated review timelines due to the requirement for both state and federal environmental impact statements. The new act would allow New York’s environmental review alone to suffice, thereby potentially accelerating the construction schedule for Micron’s project.

Support for Local Initiatives

Other representatives, including Claudia Tenney (NY-24) and Mike Lawler (NY-17), have expressed support for the Infrastructure Project Acceleration Act, suggesting that it aligns with broader national security objectives while promoting innovation and job formation in New York. Representative John Mannion (NY-22) acknowledged that Micron’s investment could serve as a significant catalyst for economic transformation in Central New York.

Proponents of the Infrastructure Project Acceleration Act argue that it aims to strike a balance between efficiency and environmental integrity, ensuring that necessary support for domestic manufacturing is sustained while maintaining environmental standards.

As the conversation around the CHIPS and Science Act and related infrastructure initiatives continues, New York businesses and advocacy organizations stress the importance of these laws to bolster the state’s economic future. The potential job growth and investment opportunities link directly to the efforts of local leaders advocating for the preservation and enhancement of these critical programs.

Deeper Dive: News & Info About This Topic

HERE Resources

New York Business Leaders Defend CHIPS and Science Act
Wall Street Starts the Week with Modest Losses
Nvidia Suffers $600 Billion Valuation Drop Amidst Competition
Syracuse Unveils INSPYRE Innovation Hub for Entrepreneurs
Trump Administration Exempts Electronics from Tariffs

Additional Resources

Author: HERE New York

HERE New York

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