The Senate yesterday voted 64 – 33 in favor of passing the $280 billion Chips and Science Act, $52 billion of which will go toward subsidies for chip makers. There will also be an investment tax credit for chip plants estimated to be worth $24 billion. The incentives do come with some restrictions for companies that have a presence in China or wish to operate there, or in other unfriendly countries, in the future.
The House of Representatives plans to vote on the bill later today. If passed, as expected, President Biden should sign it into law early next week.
