The U.S. House of Representatives plans to give final passage on Thursday to sweeping legislation to boost the U.S. semiconductor industry as it competes with China by providing about $52 billion in grants as well as an investment tax credit for chip plants estimated to be worth $24 billion.
Here are some highlights of the current version of the 1,054-page, "CHIPS Act of 2022," which also includes funding authorizations for the National Science Foundation and Department of Energy's Office of Science.
This $52 billion fund - allocated over five years - includes $39 billion in financial assistance for companies to build, expand or modernize domestic facilities for semiconductor fabrication, assembly, testing, advanced packaging and research and development. * Includes $1.5 billion for the Public Wireless Supply Chain Innovation Fund to boost open-architecture, software-based wireless technologies to help replace telecommunications equipment from companies like Huawei and ZTETo ensure that the $50 billion goes to develop U.S. manufacturing capability, the legislation specifies that companies cannot use the money to purchase stock or pay dividends -- but it does not prevent them from using other funds to do so.
The credit is provided for property placed in service after Dec. 31, 2022, for which construction begins before Jan. 1, 2027. That's estimated at $24 billion.The bill authorizes $200 billion over 10 years primarily for research activities. This includes a big jump in authorizations for programs to expand the National Science Foundation's work and establish regional technology hubs to foster develop of high tech in parts of the country that have not been hubs for the industry.
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