The CHIPS and Science Act: Here’s what’s in it

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The Creating Helpful Incentives to Produce Semiconductors and Science Act of 2022 (CHIPS Act), signed into law on August 9, 2022, is designed to boost US competitiveness, innovation, and national security. The law aims to catalyze investments in domestic semiconductor manufacturing capacity. It also seeks to jump-start R&D and commerciali­zation of leading-edge technologies, such as quantum computing, AI, clean energy, and nanotechnology, and create new regional high-tech hubs and a bigger, more inclusive science, technology, engineering, and math (STEM) workforce. Here is a breakdown of the law’s key provisions.

The CHIPS and Science Act of 2022 directs $280 billion in spending over the next ten years, with the bulk for scientific R&D.
Semiconductor shortages have been a key aspect of global supply chain pressures over the past 18 months.
The US Department of Commerce will oversee $50 billion in investments to expand domestic manufacturing of mature and advanced semiconductors.
The CHIPS and Science Act will fund a national network of semiconductor technologies for the defense industrial base and investments in supply chain resilience.
The CHIPS and Science Act establishes a semiconductor investment  tax credit of approximately $24 billion to spur private investment  until January 1, 2027.
The CHIPS and Science Act authorizes $174 billion for investment in science, technology, engineering, and math programs, workforce development, and R&D.
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