CHIPS and Science Act of 2022

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Source: house.gov
Source: house.gov

August 3, 2022 | Originally published by The U.S. Senate Committee on Commerce, Science, and Transportation on July 29, 2022

The Senate passed a bipartisan bill that would provide $52 billion in subsidies to domestic semiconductor manufacturers and invest billions in science and technology innovation, in a bid to strengthen the United States’ competitiveness and self-reliance in what is seen as a keystone industry for economic and national security.

The Senate passed the $280 billion “Chips and Science Act,” the final iteration of a bill that was years in the making. About $52 billion would go to microchip manufacturers to incentivize construction of domestic semiconductor fabrication plants — or “fabs” — to make the chips, which are used in a wide variety of products, including motor vehicles, cellphones, medical equipment, and military weapons. A shortage of semiconductor chips during the coronavirus pandemic has caused price hikes and supply-chain disruptions in several industries.