On March 23, the U.S. Senate voted to proceed with the America COMPETES Act of 2022, which the U.S. House of Representatives already passed. The proposed legislation provides grants for chipmakers and research. The semiconductor industry is pushing for a 25% investment tax credit to be added to the $50 billion bill that’s intended to help U.S. businesses compete in foreign markets. At a hearing, executives from major chip manufacturers said the costs of operating a semiconductor plant in the U.S. are 30-50% higher than in East Asia. Semiconductor companies have expressed hope that a possible House-Senate conference could lead to the addition of tax breaks for the industry.
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