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- The Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act was signed into law in August 2022. It aims to boost domestic research and manufacturing of semiconductors in the United States by providing $280 billion in funding, including $50 billion directly focused on increasing semiconductor production domestically123. The act is a response to severe semiconductor supply chain disruption and is considered essential for national and economic security2.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Signed into law in August 2022, the Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act is intended to lure microchip manufacturing back to the United States after several decades of individual companies offshoring the technology.www.cfr.org/in-brief/what-chips-actThe bipartisan legislation follows severe semiconductor supply chain disruption and marks the culmination of years of political wrangling over how best to bolster US competitiveness in an industry viewed as essential to national and economic security.www.pwc.com/us/en/library/chips-act.htmlThe CHIPS and Science Act of 2022, referred to as the CHIPS Act, is a $280 billion dollar spending package passed by Congress in July. About $50 billion in spending is directly focused on increasing semiconductor production domestically.usafacts.org/articles/whats-in-the-recently-passed-…
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