US President Signs CHIPS Act Into Law
US President Joe Biden signed the CHIPS and Science Act, a significant
investment in the U.S. semiconductor industry. The legislation provides a 25%
tax credit for U.S. facilities that produce semiconductors or chipmaking
equipment and $52 billion in funding for new semiconductor programs. The
funding includes $39 billion for grants available to chip manufacturers as well
as semiconductor equipment and materials suppliers and $11 billion for federal
semiconductor research programs.
SEMI, the industry association serving the global electronics design and manufacturing supply chain, applauded the signing of the CHIPS and Science Act of 2022 by U.S. President Joe Biden. The legislation provides a 25% tax credit for U.S. facilities that produce semiconductors or chipmaking equipment and $52 billion in funding for new semiconductor programs. The funding includes $39 billion for grants available to chip manufacturers as well as semiconductor equipment and materials suppliers and $11 billion for federal semiconductor research programs.
“The CHIPS and Science Act secures landmark investments to bolster semiconductor manufacturing and R&D infrastructure as well as a wide range of ancillary industries in the United States,” said Ajit Manocha, SEMI president and CEO, who attended the signing ceremony. “We thank President Biden, Secretary Raimondo, the original CHIPS Act sponsors, leadership in Congress and the committees of jurisdiction for their support in enacting the investment tax credit and funding for CHIPS Act programs.”
“SEMI looks forward to continuing collaboration with the U.S. government and our member companies to ensure timely implementation of these programs to strengthen the U.S. semiconductor supply chain,” said Manocha. “The CHIPS and Science Act funding will also be instrumental in buttressing the National Semiconductor Technology Center (NSTC), National Advanced Packaging Manufacturing Program and related programs in order to drive chip industry innovations that will better the lives of people around the world.”
