The U.S. Commerce Department said Tuesday it hopes by February to begin seeking applications for $39 billion in government semiconductor chips subsidies to build new facilities and expand existing U.S. production.
Congress in August approved $52.7 billion for semiconductor manufacturing and research and a 25% investment tax credit for chip plants, estimated to be worth $24 billion. That credit applies to projects that start construction after Jan. 1.
President Joe Biden signed the legislation to boost efforts to make the United States more competitive with China and to subsidize U.S. chip manufacturing in a bid to alleviate a persistent chips shortage that has affected everything from washing machines and video games to cars and weapons.Commerce said Tuesday "funding documents, which will provide specific application guidance... will be released by early February 2023.
Commerce Secretary Gina Raimondo told Reuters in an interview last week that the first priority was to get a team in place to oversee the program and then issue "high level principles and guidelines for how we're going to be running this program and then we're going to have a period of pretty intensive stakeholder engagement" over "the next handful of months.
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