The CHIPS Act prohibits funding recipients from expanding semiconductor manufacturing in China and countries defined by US law as posing a national security threat to the United States. These restrictions would apply to any new facility, unless the facility produces legacy semiconductors predominately for that country’s market.

This bill establishes investments and incentives to support U.S. semiconductor manufacturing, research and development, and supply chain security. Specifically, the bill provides an income tax credit for semiconductor equipment or manufacturing facility investment through 2026.

The law provides the Department of Commerce with $50 billion for a suite of programs to strengthen and revitalize the U.S. position in semiconductor research, development, and manufacturing—while also investing in American workers.

The CHIPS and Science Act will boost American semiconductor research, development, and production, ensuring U.S. leadership in the technology that forms the foundation of everything from...

One year ago, President Biden signed into law the CHIPS and Science Act (CHIPS), which makes a nearly $53 billion investment in U.S. semiconductor manufacturing, research...