CHIPS Act

The CHIPS and Science Act is a U.S. law signed by President Biden in August 2022. The act authorized approximately $280 billion in funding for domestic research and manufacturing of semiconductors. It included $39 billion to subsidize chip manufacturing in the U.S. and a 25% tax credit for the cost of manufacturing equipment. The bill provided $13 billion for semiconductor research and workforce training.  It also invested $174 billion in public sector research in science and technology. The bill was intended to strengthen the resilience of American supply chains and to counter China.