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The CHIPS and Science Act is a U.S. federal statute enacted by the 117th United States Congress and signed into law by President Joe Biden on August 9, 2022. The act authorizes roughly $280 billion in new funding to boost domestic research and manufacturing of semiconductors in the United States, for which it appropriates $52.7 billion.
The CHIPS and Science Act was passed by Congress in August 2022, and authorized the Biden administration to distribute $53 billion to boost semiconductor manufacturing.
The CHIPS Act is meant to bring some of that disparity into balance, with Commerce Secretary Gina Raimondo saying the US would produce 20% of the world’s most advanced chips by 2030.
If Intel meets performance targets in the deal, it’ll be eligible for $8.5 billion in federal grants, an additional $11 billion in CHIPS Act loans and a 25% Treasury tax credit.
Intel will receive about $7.9 billion in federal grants, the US Department of Commerce said Tuesday, as the Biden administration finalizes CHIPS Act agreements before Donald Trump takes office.
When the CHIPS and Science Act passed in 2022, it had bipartisan support. But the law has emerged as a point of contention between Republicans and Democrats in the final days of the election ...
The Commerce Department has been racing to finalize awards under the 2022 $52.7 billion 2022 CHIPS and Science Act semiconductor manufacturing and research subsidy program before Trump takes ...
Officials counter that CHIPS Act money comes with rigorous terms that require receiving companies to stay in the U.S. long-term, and that manufacturing jobs will be protected by semiconductors ...