The company was lured to the Syracuse area with help from a generous set of federal, state, and local incentives, including up to $5.5 billion in state tax credits over 20 years.
The announcement comes after Senate Majority Leader Charles Schumer, D-NY, had pushed for Idaho-based Micron and the company's CEO, Sanjay Mehrotra, to consider upstate New York for its factory. It also comes months after Congress passed the $280 billion CHIPS and Science Act, which set aside $52 billion to bolster the semiconductor industry.
"An investment of this scale in the U.S. is simply not possible without significant government and community support," Mehrotra said at the announcement.
In addition to tax credits tied to investment and job creation, New York has pledged $200 million for road and infrastructure improvements where the plant is being built in suburban Clay and $100 million to a "community benefit" fund. The state also will review supplying the operation with low-cost power.
New York has a long history of providing financial incentives for companies to locate or expand in the state, with critics questioning whether taxpayers consistently get their money's worth. Recently, Democratic Gov. Kathy Hochul has defended her plan to spend an eventual $850 million in taxpayer money toward a new stadium for her hometown Buffalo Bills.
This story is from the Techlife News #571 edition of Techlife News.
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This story is from the Techlife News #571 edition of Techlife News.
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