A $280 billion CHIPS bill is signed by Biden and a steering council is created

Photo Credit: Gage Skidmore

The CHIPS Act, whose revenue will increase domestic semiconductor manufacturing and research, was signed into law by President Joe Biden on August 25.

Companies like Intel will benefit from the order, which will allow them to begin building fabrication sites in the United States.

“The Act … will make transformative investments to restore and advance our Nation’s leadership in the research, development, and manufacturing of semiconductors,” an associated White House statement released on Aug. 25 states.

Also mentioned in the statement was a reduction in dependence on Chinese technologies and other overly concentrated supply chains from abroad.

A total of $280 billion will be allocated for different purposes, including corporate tax breaks, research, and social programs, of which $52 billion will go directly to companies as subsidies.

Providing U.S. leadership in semiconductor research, development, and production will be the goal of the CHIPS and Science Act, according to the White House fact sheet on the law. The law will boost American semiconductor research, development, and production.

26 August 2022