Subsidy Sheet: GlobalFoundries Albany chip fab getting $3B from feds + $857M unnecessary NYS subsidies
This week in NY corporate giveaway news:
- GlobalFoundries’s planned expansion in the Albany area – for which it will receive $3 billion in federal CHIP funding – will have another $857 million in state subsidies slathered on its corporate welfare cake. The massively subsidized project may strain the state’s electrical grid (Times Union).
- Plug Power’s 10-K annual filing to the Securities Exchange Commission says that the company is not on the edge of collapse, and demands changes to the federal 45V hydrogen production tax credit. Oddly, the company does not mention its Western NY STAMP facility.
- Seventeen NYS senators sent a letter urging the Governor to reconsider her proposed replacement for the 421-a tax break for landlords and developers (The Real Deal). The state “cannot afford to get it wrong again,” the senators wrote. 421-a, despite expiring in 2022, is still costing NYC $1.8 billion per year.
- Crain’s New York Business reports on skepticism that the Governor’s housing tax incentives will produce much housing. Also in Crain’s, Kathryn Wylde, President/CEO of the business-friendly Partnership for New York City, says that the state should let NYC control its own housing development.
- TTM Technologies, a military contractor, seeks $16 million in tax breaks from the upstate Onondaga County IDA (Syracuse Post-Standard).
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