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Business Oregon details $240 million semiconductor program, warns some funds may revert if federal matches fail
Summary
Business Oregon told the Ways and Means joint committee that $240 million in state funding to attract semiconductor projects has produced 15 awards and 11 signed contracts but depends on federal awards for some projects; roughly $30 million in non-contracted funds could revert to the general fund.
Business Oregon told the Joint Committee on Ways and Means — Transportation and Economic Development on March 17 that the state’s $240 million semiconductor cash program has produced 15 awards and 11 signed contracts but remains contingent on federal awards for several projects.
Deputy Director Chris Cummings told committee members that the $240 million cited in HB 5024 is general‑fund money the agency used to award semiconductor incentive contracts. He said 11 contracts are signed and 15 awards have been announced. Cummings said some awards are contingent on projects’ receiving federal CHIPS Act funding; if federal awards are denied, the state statute would make those companies ineligible for the state money.
That contingency matters for the budget. Senator Tim Khotra asked whether the $240 million is bonded revenue or general fund; Cummings said it is general fund. He later told the committee his office expects roughly $30 million of the $240…
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