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House Sends CHIPS Bill to Biden

The U.S. House of Representatives approved the bipartisan CHIPS Act sending the measure to President Biden for his signature. The legislation is aimed at increasing the United States capacity in the production of semiconducter 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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