President Biden Signs CHIPS Act Into Law

Semiconductor Digest 08.10.2022 1 min read
Biden signs CHIPS Act

Earlier today, President Joe Biden signed the CHIPS and Science Act, a historic 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.

Keith Krach, former Under Secretary of State and Chairman of the Krach Institute for Tech Diplomacy at Purdue, said:
“This is a big day for America – for national security, our global economic security, and our long-term prosperity. The investment will create thousands of jobs across the entire supply chain and create a broad ripple effect of technical training and know-how throughout the tech ecosystem.”

Read more