In 2022, the U.S. Senate passed legislation to support the domestic semiconductor industry called the US CHIPS and Science Act. The $280 billion spending package was signed into law on Aug. 9 by President Joe Biden and was meant to encourage the growth of the US semiconductor industry -- and help the US win a burgeoning chip war with China. GlobalFoundries, Intel, Samsung Foundry, Texas Instruments, TSMC, and other companies that build semiconductor manufacturing facilities in the USA welcomed the move.
The CHIPS Act -- officially called H.R. 4346 -- authorized the U.S. government to award U.S. chipmakers with about $52 billion in grants and other incentives and provided a 25% investment tax credit for new fabs worth up to $24 billion. In addition, the legislation provided over $170 billion over the next five years to various scientific research works in the USA.
