Washington Watch: Biden signs into law $280 billion package for chips, scientific research — here’s what’s in it

by | Aug 9, 2022 | Stock Market

After long pushing Congress for such legislation, President Joe Biden on Tuesday signed into law a bipartisan $280 billion bill focused on domestic semiconductor manufacturing and scientific research. The House approved the Chips and Science Act in a 243-187 vote on July 28, a day after the Senate gave its OK in a 64-33 vote. Biden had been expected to sign the legislation quickly, but there were delays due to his lingering case of COVID-19.

The measure’s final name is the Chips and Science Act of 2022, following a variety of monikers over the months for versions of legislation aimed at tech issues, including the U.S. Innovation and Competition Act and the COMPETES Act. One key element for the legislation, which totals more than 1,000 pages, is $52.7 billion for domestic manufacturing of chips

including $39 billion for an incentive program and $11 billion for programs aimed at research and development and workforce development. In addition, a 25% investment tax credit for semiconductor plants has an estimated cost of $24 billion. Opinion: Congress’s $76 billion plan to help U.S. chip makers is bad tax policy — and could turn into subsidies forever There is also roughly $200 billion for scientific research, including $81 billion for the National Science Foundation, $10 billion for regional technology hubs and $68 billion for the Department of Energy. This table …

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