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Biden Signs Bipartisan CHIPS Act Into Law

On Tuesday, August 9th, President Biden signed into law the CHIPS and Science Act, a bipartisan bill aimed at increasing the United States capacity in the production of semiconductor technologies and reducing dependence on foreign production of such material and products particularly China. The measure passed the House with a vote of 243-187 and the Senate with a vote of 64-33.

The measure translates into a $52 billion investment in semiconductor production and research while also incentivizing domestic production through a tax credit covering 25% of investments in eligible semiconductor manufacturing through 2026.

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