US to require companies winning chipmaking subsidies to share excess profits

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WASHINGTON : The Biden administration on Tuesday said it will require companies winning funds from its $52 billion U.S. semiconductor manufacturing and research program to share excess profits and explain how they plan to provide affordable childcare.The Commerce Department on Tuesday is releasing its pla

WASHINGTON : The Biden administration on Tuesday said it will require companies winning funds from its $52 billion U.S. semiconductor manufacturing and research program to share excess profits and explain how they plan to provide affordable childcare.

Recipients who receive more than $150 million in direct funding"will be required to share with the U.S. government a portion of any cash flows or returns that exceed the applicant’s projections by an agreed-upon threshold," the department said. Democratic lawmakers have noted the largest U.S. semiconductor companies have poured hundreds of billions into stock buybacks in recent years, with Intel spending more than $100 billion on buybacks since 2005. Intel also pays a dividend.

Applicants should also"create opportunities for minority owned, veteran-owned, and women-owned businesses; demonstrate climate and environmental responsibility; invest in their communities by addressing barriers to economic inclusion; and commit to using iron, steel, and construction materials produced in the United States."

 

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