WASHINGTON: After the United States Senate, the House approved the historic USD280 billion CHIPS and Science Act, which aims to enhance science and technology innovation while reducing reliance on China in semiconductors, manufacturing, and other technologies.
On Thursday, the House passed the bill 243 to 187, with 24 Republicans voting alongside 219 House Democrats.
According to The Verge, the bill, a Biden administration priority, includes USD 52 billion in incentives to encourage chip manufacturers to develop semiconductor manufacturing plants, or "fabs," in the United States. Biden is now likely to put the package into law as soon as possible.
The US Senate passed a USD 280 industrial policy measure by a vote of 64 to 33 on Wednesday, with 17 Republicans voting in favour. "The American people may not realise it, yet semiconductors play an important role in their daily lives. Microchips are found in autos, consumer gadgets, and washing machines "In a statement, Democrat Representative Frank Pallone Jr.
The CHIPS and Science Act is the Biden administration's attempt to persuade chipmakers to change direction and establish fabs in the United States.
"For decades, some experts suggested we should abandon manufacturing in America. That never occurred to me. Manufacturing jobs have returned "President Joe Biden made announcement in a statement. "Thanks to this measure, we'll have even more of them." According to Forbes, the plan also includes a 25% tax credit for semiconductor production and USD 1.5 billion for technology development for US industries that rely on foreign telecommunications.
The groundbreaking ceremony for a USD 20 billion Intel semiconductor facility was postponed earlier this month while funding remained stuck.
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