Micron Technology, one of the world’s largest semiconductor companies, will receive $6.1 billion in funding from the United States under the CHIPS and Science Act to support its $50 billion memory manufacturing in Idaho and New York.
Micron said these grants and additional state and local incentives will support the construction of one memory manufacturing fab to be co-located with the company’s existing R&D facility in Boise, Idaho and the construction of two memory fabs in Clay, New York.
The investments represent the first step toward Micron’s vision of both a R&D and manufacturing center in Boise, Idaho and a four-fab manufacturing complex in Clay, New York to be built over the next 20-plus years with potential investment totaling up to $125 billion.
In addition to the announced $6.1 billion in grants, workforce grants to support Micron’s efforts to build a vibrant talent pipeline are also being finalized.
In addition to CHIPS grants, Micron expects to benefit from U.S. Treasury Department’s Investment Tax Credit, which provides a credit of 25 percent for qualified capital investments.
The state of New York has made up to $5.5 billion available in incentives over the life of the project, comprised of a 5 percent New York investment tax credit on qualified capital investments and 7.5 percent of eligible non-construction labor costs.
Micron and the state of New York established the Green CHIPS Community Investment Fund to support community and workforce development. The company will benefit from an incentive package in the state of Idaho, including reduced state taxes related to the project and investments in semiconductor workforce training programs.
Micron’s planned semiconductor manufacturing facilities are expected to create approximately 75,000 domestic jobs over the next 20-plus years. In Idaho, this includes 2,000 Micron jobs, 4,500 construction jobs and 15,000 indirect jobs. In New York, this includes 9,000 Micron jobs, 4,500 construction jobs and 40,000 indirect jobs.
