US lawmakers propose US$22.8b in aid to semiconductor industry to spur construction of local chip factories

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WASHINGTON (REUTERS) - A bipartisan group of US lawmakers on Wednesday (June 10) introduced a Bill to provide more than US$22.8 billion (S$31.6 billion) in aid for semiconductor manufacturers, aiming to spur the construction of chip factories in America amid a strategic technology rivalry with China.. Read more at straitstimes.com.

WASHINGTON - A bipartisan group of US lawmakers on Wednesday introduced a Bill to provide more than US$22.8 billion in aid for semiconductor manufacturers, aiming to spur the construction of chip factories in America amid a strategic technology rivalry with China.

The proposal would create a 40 per cent refundable income tax credit for semiconductor equipment, US$10 billion in federal funds to match state incentives to build factories, and US$12 billion in research and development funding. Senators John Cornyn, a Texas Republican, and Mark Warner, a Virginia Democrat, introduced the Bill in the Senate. Aides to Representatives Michael McCaul, a Texas Republican, and Doris Matsui, a California Democrat, said the two planned to introduce a version in the US House of Representatives on Thursday .

 

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