Subsidy Sheet: $850 million in new NYS subsidies for GlobalFoundries

This week in NY corporate giveaway news:

• In chip news, GlobalFoundries will receive $3.1 billion in federal grants and loans, most of which will go to its Albany-region facilities (Times Union). New York State will give GlobalFoundries another $857 million in subsidies through:
  • $575 million in tax credits via Green CHIPS.
  • $30 million “in infrastructure and community investment grants.”
  • NYPA incentives (low-cost power through ReCharge NY) that add up to $252 million, a source informs us.
• IDA reform is a priority for the Legislature this year, says Assemblymember Thiele, chair of his chamber’s Local Governments committee (Riverhead Local).
• We and four groups published a memo of support for S1737 (Krueger) / A6762 (Solages), which would establish a database of deals for local authorities.
• The Suffolk County IDA approved $1.2 million in tax breaks for Max Finkelstein LLC, a tire distributor (Newsday).

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