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US House passes CHIPS for America Act
By Yashasvini Razdan - Jul 28, 2022, 11:46 PM ET
Last Updated - Jul 18, 2023, 04:40 PM EDT
• The bill will provide nearly $280 billion in various incentives for US-based chip making
The US House passed the bipartisan legislation that would provide subsidies for the production of semiconductor chips, on Thursday.
The bill will pave the way for providing nearly $280 billion in various incentives for US-based chip making and boost competitiveness with China by allocating billions of dollars toward domestic semiconductor manufacturing and science research.
The bill, popularly known as the CHIPS-Plus package, has three major incentives for chipmakers. It will provide $52 billion of assistance in setting up fabs and manufacturing units, which also includes $2 billion for legacy chipmaking essential to the auto and defense industry.
The bill also provide 25% in tax relief for investment in local semiconductor manufacturing at roughly $24 billion, and $200 billion grant for research in the area.
Source - US Congress
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