December 2, 2023

A bipartisan bill to boost U.S. chip manufacturing and effectiveness, dubbed “CHIPS-plus,” has cleared a key Senate hurdle and is set to go up for a final vote before July ends.

The vote passed 64-32 and the bill will provide around $52 billion in funding for U.S. companies making semiconductors and computer chips. It also includes a provision offering a tax credit for investments in domestic chip production.

The bill will also provide funding to bolster innovation and the development of other U.S. technologies.

Should the bill clear the Senate, it will go before the U.S. House of Representatives. Supporters of the legislation, which is bipartisan, hope that it will be passed in Congress and sent to President Joe Biden’s desk before the August recess.

Proponents of the bill have stated that its U.S. economic and national security interest. President Biden has referred to the ongoing global chip shortage, which began with the COVID-19 pandemic, a national security issue and stated that the bill could help mitigate it.

The bill, however, is a stripped-down version of a broader piece of legislation that has been sitting in Congress for months.

“America invented the semiconductor. It’s time to bring it home,” Biden said at a White House meeting Monday afternoon.

Stay tuned for additional details as they become available.

Via AppleInsider and CNBC