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.
If there are no contingencies on those tax breaks to make sure taxpayer money won't be squandered, then yes, it is corporate welfare.
Tech minted many Rich progressives. This is just the new paradigm now. Corporations push the progressive message and that get favorable treatment in return a same as old economy and republicans.
Do we get a piece oftheir record dividend and stock buyback money?
$20 BILLION and she's asking for 500 jobs. But remember, the Republicans give the rich the breaks. Where do you think the tax money the NYS doesn't have now, will be coming from for the next 20 years?
AOC must be flipping over this one
all this talk about chips lately has me spending way too much money on blue corn tortillas