Senate Advances , Massive Bill to Bolster , the Semiconductor Industry.
'The Independent' reports that the United States
Senate approved a $280 billion deal meant
to boost the U.S. semiconductor industry.
The massive bill is also designed
to accelerate high tech research perceived
as critical for future economic prosperity.
According to 'The Independent,' the bill is now
headed for final passage by the Senate
and the House in the near future.
Industry leaders have pushed for the bill, citing
stiff competition from other nations spending
billions of dollars on attracting manufacturers.
According to those industry leaders,
the pandemic has shined a spotlight on the , dangers of relying on foreign-made computer chips.
The bill would provide the
semiconductor industry with about
$52 billion in grants and other incentives.
It would also provide a 25%
tax credit for those companies
to build chip plants in the U.S.
According to 'The Independent,' tax breaks
included in the bill are projected to equal
about $24 billion over the next decade.
The bill would also allocate approximately
$200 billion for scientific research
over the same ten-year period. .
Critics have questioned the timing of the bill, which would increase deficits by about $79 billion, amid record inflation and fears of a global recession.
However, lawmakers in both parties claim the investment
is critical for the U.S. to stay ahead of economic
powerhouses like China in the coming decades