The Senate is one step closer to passing a major piece of legislation aimed at supporting domestic manufacturing of semiconductor chips that power the nation's smartphones, cars, computers, medical equipment and weapons systems. The upper chamber cleared a procedural vote Tuesday morning, teeing up a final vote this week.
The CHIPS bill, short for Creating Helpful Incentives to Produce Semiconductors for America Act, would provide $54 billion in grants for semiconductor manufacturing and research, tens of billions to support regional technology hubs and a tax credit covering 25% of investments in semiconductor manufacturing through 2026.
