I came across an excellent article from Forbes this morning on the impending federal CHIPS Plus bill. I pasted the key facts below, and a link to the article below that.

The Senate voted 64-32 across party lines to break the legislative filibuster and limit debate on the “CHIPS plus” bill, allowing for a final vote later this week, with Senate Majority Leader Chuck Schumer (D-N.Y.) reportedly saying he hopes senators “can remain on track to finish this legislation ASAP.”

The legislation includes $52.7 billion for domestic chip manufacturing and research subsidies, along with $2 billion earmarked for less advanced legacy chips, which are crucial to the military and automotive industry, according to a bill summary.

The subsidies would largely go toward U.S. companies to help fund the construction of new semiconductor fabrication plants, where the chips are created.

It also features a 25% tax credit for U.S. semiconductor manufacturing investments, and $1.5 billion set aside for developing technology to help U.S. firms wean off their dependence on foreign telecommunications equipment.

The bill is a slimmed-down version of legislation that Republicans threatened to block earlier this month if Democrats continued to pursue unrelated efforts to pass a package to fund their climate, tax and prescription drug priorities.

-John

See the article from The Washington Post linked below:

Biden signs Chips Act, kicking off huge federal industrial initiative