The magazine for alumni and friends of the UB School of Management
Issue link: http://ubschoolofmanagement.uberflip.com/i/1547340
SUPPLY CHAIN OPPORTUNITY GUIDE 5 To sustain and accelerate investment in New York's rapidly growing semiconductor supply chain, entities across the state are expanding their portfolio of incentives aimed at advancing research, fostering innovation and supporting industry growth. 7 Targeted federal investments, such as the $40 million NY SMART I-Corridor Tech Hub bring even greater coordination of resources. 8 Funded by the Economic Development Administration in 2024, the Tech Hub initiative is supported by more than 100 partners across the Buffalo, Rochester and Syracuse region, uniting industry, higher education, economic development groups and community-based organizations to redefine the future of technology. See page 18 to learn more about the Tech Hub's component projects and offerings. 7 GO-SEMI. (2026). 2026 Annual Report. GO-SEMI: The Semiconductor Future of New York. https://esd.ny.gov/sites/default/files/media/document/Impact-Statement-GO-SEMI-FINAL.pdf 8 CenterState CEO. (2024). NY SMART I-Corridor Is the First Tech Hub Award Winner in the Nation. https://centerstateceo.com/news/ny-smart-i-corridor-first-tech-hub-award-winner-nation 9 Empire State Development. (n.d.). New York State's Green CHIPS program. https://esd.ny.gov/green-chips 10 Empire State Development. (n.d.). FAST NY Shovel-ready grant program. https://esd.ny.gov/fast-ny#overview 11 Reinhardt, E. (2024). NY awarded $9.4m to help small businesses tap into the semiconductor supply chain. https://www.cnybj.com/new-york-awarded-9-4-million-to-help-small-businesses-tap-into-the-semiconductor-supply-chain/ 12 Empire State Development. (n.d.) Excelsior Jobs Program. https://esd.ny.gov/excelsior-jobs-program#overview INFRASTRUCTURE DEVELOPMENT PROJECTS • $10B New York State Green CHIPS Incentive Package 9 Aimed at large-scale semiconductor manufacturers investing $3 billion or more, this suite of tax credits and discounted utility delivery rates is designed to attract major investments and promote sustainable manufacturing practices. • $400M in site development funds through Focused Attraction of Shovel-Ready Tracts New York (FAST NY) 10 Grants for pre-development and infrastructure investments to create shovel-ready sites. • $300M Promote Opportunity with Electric Readiness for Underdeveloped Properties (POWER UP) program Capital grants to improve power-readiness of existing sites with awards to utilities, industrial development agencies, municipalities, local development corporations and municipally designated economic development organizations. FINANCIAL INCENTIVES: TAX CREDITS, GRANTS AND TECHNICAL ASSISTANCE • $10.9M Semiconductor Growth Access Program (SGAP) 11 Funds can be leveraged by small businesses growing or pivoting into the semiconductor supply chain for legal, accounting, insurance and financial services. • $2.5M in Tech Hub supply chain technical assistance and incentive funds The Supply Chain Activation Network (SCAN) project supports growth and expansion of firms, leveraging capabilities of the region's economic development organizations and manufacturing extension partnership centers. • $7M in Tech Hub commercialization funds The Commercialization and Collaboration Center project offers Tech Hub Resources and Innovation Vouchers for Enterprises (THRIVE) grants to support commercialization of new technologies. • $6M in Tech Hub workforce grants The Semiconductor Talent and Employer Partnership, Upstate New York (STEP UP) project provides grants up to $250K enabling training providers to pilot or launch innovative approaches to workforce development within microelectronics and related value chain industries in the SMART I-Corridor. • Billions in tax credits available through the Excelsior Jobs Program 12 Five fully refundable tax credits can be claimed over a 10-year period, supporting job creation, qualified investment, research and development, real property tax and childcare service programs.