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Empire State Development outlines AI, semiconductor and downtown Albany investments in budget hearing
Summary
Empire State Development said the governor’s budget proposes new programs and major capital for reshoring manufacturing, small business capital, AI and downtown revitalization including proposed funding for Downtown Albany and Power Up to support utility infrastructure for shovel-ready industrial sites.
Empire State Development President and CEO Hope Knight told the joint fiscal committees that Governor Kathy Hochul’s executive budget emphasizes small-business support, reshoring manufacturing and targeted investments to unlock development sites across New York.
Knight said the executive budget expands existing programs and proposes new funds, including a $1 billion cap increase for the Low Interest Capital Loan Program (LINC), the new Catalyst New York tax credit aimed at helping early-stage innovation firms attract talent, and a proposed $400,000,000 package for Downtown Albany to spur investment around the state capital.
"This year's agenda is focused on several key themes, including supporting small businesses and entrepreneurs, building vibrant communities, growing…
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