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US Senate votes to advance sweeping semiconductor industry bill

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WASHINGTON : The U.S. Senate voted 64-32 on Tuesday to advance legislation to boost U.S. semiconductor manufacturing to address concerns about competition with China.The legislation provides about $52 billion in subsidies for U.S. semiconductor production as well as an investment tax credit for chip plant

WASHINGTON : The U.S. Senate voted 64-32 on Tuesday to advance legislation to boost U.S. semiconductor manufacturing to address concerns about competition with China.

The legislation provides about $52 billion in subsidies for U.S. semiconductor production as well as an investment tax credit for chip plants estimated to be worth $24 billion. The Senate is expected to vote on final passage in coming days and the U.S. House could follow suit as soon as later this week.

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