The CHIPS and Science Act of 2022, signed into law on August 9, will inject up to $280 billion in critical and emerging technologies. The bill provides more than $52 billion to subsidize semiconductor manufacturing, including tax benefits and other incentives to encourage U.S. businesses to build new chip manufacturing plants in the U.S. The investment was created to reduce American reliance on foreign production of important tech components like computer chips.
Just 12% of the world’s chip manufacturing takes place in the U.S. today, compared to 37% in 1990. The current semiconductor chip shortage affects the cost and availability of many products from electronics to automobiles.
More on the CHIPS and Science Act is available at:
https://www.commerce.senate.gov/services/files/2699CE4B-51A5-4082-9CED-4B6CD912BBC8