THE U.S. CHIPS AND SCIENCE ACT
Submitted by christian on Sun, 08/14/2022 - 17:07
- $52.7 billion for chip manufacturing and research
- $39 billion over five years to expand domestic semiconductor manufacturing. It will provide companies incentives to build, expand and modernize US facilities and equipment.
- New 25% tax credit for companies that invest in semiconductor manufacturing equipment or the construction of manufacturing facilities.
- Private companies that receive financial assistance will be restricted from expanding certain chip manufacturing in China for 10 years.
- $11 billion over five years to the Department of Commerce to help spur research and development in advanced semiconductor manufacturing, to invest in new technologies and expand workforce training opportunities.
- $1.5 billion for the Public Wireless Supply Chain Innovation Fund to help telecommunications companies compete with Chinese telecom giant Huawei and limit the scope of other telecommunications companies with close ties to China.
- Millions of dollars will target workforce development to make sure workers are available to support more manufacturing.
- $170 billion for scientific research, innovation and space exploration over five years, an $82.5 billion increase in the federal government's baseline authorization. The majority of that funding will funnel through two government agencies: the National Science Foundation and the Department of Energy's Office of Science. The investments will help create a National Science Foundation Directorate for Technology, Innovation and Partnerships to accelerate American development in technologies like artificial intelligence, quantum computing, advanced manufacturing, 6G communications, energy and materials science.
- The federal funding will also fund the creation of new regional technology hubs across the country, strengthen small manufacturers as well as reduce long-term supply chain vulnerabilities in areas such as advanced manufacturing, next-generation communications, computer hardware and pharmaceuticals.
- About $13 billion will go to education in the science, technology, engineering and math fields -- known as STEM -- including scholarships and fellowships, with a focus of increasing access to education in these fields in rural areas. Universities, community colleges and high schools may be eligible for the money in an effort to strengthen America's workforce so that it can support new chip manufacturing.
- The legislation also provides new funding for NASA, with the goals of sending astronauts to Mars and the first woman and person of color to the moon.
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