US President Joe Biden speaks at the Intel Ocotillo Campus in Chandler, Arizona.
Biden said the investment in Intel facilities in four states -- Arizona, Ohio, New Mexico and Oregon -- would put the United States on track to manufacture 20 percent of the world's leading-edge chips by the end of the decade.He then took a further dig at Trump, saying that"my predecessor would let the future rebuild in China and other countries, not America, because it may be cheaper.
The White House said the deal with Intel would provide up to $8.5 billion in direct funding along with $11 billion in loans under the CHIPS and Science Act.Intel CEO Pat Gelsinger and Intel Factory Manager Hugh Green watch as US President Joe Biden looks at a semiconductor wafer during a tour at Intel Ocotillo Campus in Chandler, Arizona. Photo: Brendan Smialowski / AFPThe $8.5 billion is the largest of any grant made so far under the $52.
Intel also plans to claim the US Treasury Department's Investment Tax Credit of up to 25 percent on some capital expenditures, according to the White House, which would significantly increase the amount of financial support it receives from the USThe tax credit is linked to a separate Biden administration policy -- also adopted in 2022 -- called the Inflation Reduction Act.
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