September 25, 2022

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US President signs bill to free up billions in subsidies for chip industry – IT Pro – News

US President Joe Biden has signed the Chips and Science Act into law. Now this law has officially come into force. The ‘bipartisan’ initiative was previously passed by the Senate and House of Representatives.

The goal of the program is to reduce US dependence on international chip manufacturers and products. According to a press release. The Chips and Science Act aims to strengthen national chip supply chains, create tens of thousands of new jobs and reduce dependence on Chinese chip manufacturers.

Among other things, this should be achieved by releasing 52.7 billion dollars in subsidies for the chip sector, which translates to 51.7 billion euros. Already passed legislation releases up to 23.5 billion euros in tax incentives to build new chip factories. It is not yet clear when the first grants, tax credits and research projects will be funded.

“The Future of the Chip Industry Will Be Made in America”, President Biden says After the drawing moment. The meeting was attended by senior employees from Micron, Intel, Lockheed Martin, HP and AMD. For example, Micron has already pledged to invest more than 39 billion euros in national chip production. Also, many companies have already started building new chip factories in the US, including Intel, Samsung And DSMC. It is the business department’s responsibility to process applications for grants and decide whether or not to award grants.

In addition to direct investments in the chip industry, the Chips and Science Act provides a budget of $170 billion to invest in scientific research into the technology. The US government mentions research into ‘nanotechnology, clean energy, quantum computers and artificial intelligence’.

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