US Senate Passes $280 Billion Chips Act for Domestic Semiconductors

The U.S. Senate passed its controversial chips and science bill on July 27. The bill will now go to the House and, should it pass there, to President Joe Biden’s desk for signature. The mammoth bill, which passed 64-33, will provide some $280 billion in funding to prop up and kickstart domestic semiconductor manufacturing and research, though the price tag was far above previous bills which aimed to provide just $52 billion to manufacturers. Officially titled the CHIPS Act of 2022, the bill will provide tens of billions in subsidies and tax breaks to tech corporations in an effort to spur new market growth, as well as funding for government-backed tech research….

*As an Amazon Associate I earn from qualifying purchases