Both semiconductor manufacturers and advanced manufacturers are eligible under this program subject to the preferences identified in statute: 

• For fiscal years 2023-2024 and 2024-2025, the EDC will give the highest priority to taxpayers engaged in semiconductor manufacturing that have received or are expected to receive matching money under ARPA, The CHIPS & Science Act, or other federal legislation that provides incentives for semiconductor manufacturing. 
• For fiscal years 2025-2026 through 2028-2029, the EDC shall give highest priority to taxpayers engaged in advanced manufacturing or semiconductor manufacturing that have received or are expected to receive matching money under ARPA, The CHIPS & Science Act, or other federal legislation that provides incentives for semiconductor manufacturing.

All projects approved for a refund certificate under this program must commence within 2 years of EDC approval. 

Project Commencement reason means any one of the following: 

• Company began hiring new jobs
• Company began spending capital (explain)
  • Filing building plans, permits, etc.
• Company Signed a Lease
• Company Purchased Real Estate
• Other milestone date indicating project commenced (explain)

Applicants must reach out to the Semiconductor Industry Manager to determine eligibility and to obtain an application, which will be accepted on a rolling basis.

A taxpayer must submit an application including all information and documentation required for a pending project prior to obtaining precertification of any income tax credit for the project or on or before the first day of the taxpayer’s credit period. 

Applications will request the following information at minimum: 

• Business/Taxpayer involved in application
• Identify Income Tax Credit type(s) 
  • Job Growth Incentive Tax Credit 
  • Enterprise Zone
    • Business personal property investment tax credit
    • Commercial vehicle investment tax credit
    • Job training tax credit
    • Business facility new employee tax credit
    • Research and development tax credit
• Proposed Project Description
• Location
• Investment to be made
• Jobs Created
• Anticipated total amount of income tax credits generated
• Other income tax credits or federal financial assistance applied for

After considering the initial prioritization for semiconductor manufacturing and advanced manufacturing (as outlined in the “Eligibility” section above), the EDC shall consider: 

• Has the applicant applied for federal ARPA funds, CHIPS & Science Act funds, or other federal funds for advanced manufacturing or semiconductor manufacturing? 
• Has the taxpayer been previously awarded a refund certificate? 
• The potential benefits of any federal matching funds received, applied for, or intended to be applied for.
• The size of the taxpayer’s current operation in the state relative to the state as a whole and the regions of the state in which the taxpayer is based.
• The strategic economic benefits that the taxpayer provides with existing operations to the state or region in terms of supply chain, benefits to other industries, or other spillover benefits.
• Any additional forthcoming economic development benefits that the taxpayer may provide to the state or region based on commitments that the taxpayer has recently made or proposes to make in the near term. 

 
The EDC may approve all, part, or none of the amount of a taxpayer’s application for a refund certificate. The EDC may establish additional contingencies that must be satisfied by the taxpayer before the taxpayer can obtain a refund certificate. 
 

A taxpayer that receives a refund certificate shall notify the EDC immediately if the project included in the certificate is canceled, modified, or otherwise becomes ineligible for the estimated credit, in which case the refund certificate may be canceled or modified. 

A refund certificate may be revoked or modified if a taxpayer that receives a refund certificate does not commence the project approved within two years of the EDC’s approval of the refund certificate or otherwise fails to meet the terms of the refund certificate.