Senate Advances Massive Bill to Bolster the Semiconductor Industry

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Published on July 26, 2022 - Duration: 01:31s

Senate Advances Massive Bill to Bolster the Semiconductor Industry

Senate Advances , Massive Bill to Bolster , the Semiconductor Industry.

'The Independent' reports that the United States Senate approved a $280 billion deal meant to boost the U.S. semiconductor industry.

The massive bill is also designed to accelerate high tech research perceived as critical for future economic prosperity.

According to 'The Independent,' the bill is now headed for final passage by the Senate and the House in the near future.

Industry leaders have pushed for the bill, citing stiff competition from other nations spending billions of dollars on attracting manufacturers.

According to those industry leaders, the pandemic has shined a spotlight on the , dangers of relying on foreign-made computer chips.

The bill would provide the semiconductor industry with about $52 billion in grants and other incentives.

It would also provide a 25% tax credit for those companies to build chip plants in the U.S. According to 'The Independent,' tax breaks included in the bill are projected to equal about $24 billion over the next decade.

The bill would also allocate approximately $200 billion for scientific research over the same ten-year period.

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Critics have questioned the timing of the bill, which would increase deficits by about $79 billion, amid record inflation and fears of a global recession.

However, lawmakers in both parties claim the investment is critical for the U.S. to stay ahead of economic powerhouses like China in the coming decades


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