Public Law 118 – 105 – Building Chips in America Act of 2023
The Building Chips in America Act of 2023 is a United States federal law enacted on August 9, 2023, that was intended to revitalize the domestic semiconductor industry in the United States. The bill was passed by the 118th United States Congress and signed into law by President Joe Biden.
The bill provides $52 billion in federal funding for semiconductor research, development, and manufacturing in the United States. It also creates a new investment tax credit for semiconductor manufacturing facilities and extends the research and development tax credit for semiconductor companies.
The bill is intended to address the global shortage of semiconductors, which has caused disruptions in the production of a wide range of products, including cars, computers, and smartphones. The bill is also intended to reduce the United States’ reliance on foreign-made semiconductors, which could be disrupted by geopolitical events.
The bill has been praised by the semiconductor industry and by members of both political parties. However, some critics have argued that the bill is too expensive and that it will not be effective in addressing the semiconductor shortage.
The bill is expected to have a significant impact on the U.S. semiconductor industry. It is likely to lead to increased investment in semiconductor research, development, and manufacturing in the United States. It is also likely to reduce the United States’ reliance on foreign-made semiconductors.
Key Provisions of the Building Chips in America Act of 2023
- Provides $52 billion in federal funding for semiconductor research, development, and manufacturing in the United States.
- Creates a new investment tax credit for semiconductor manufacturing facilities.
- Extends the research and development tax credit for semiconductor companies.
- Establishes a new Office of Semiconductor Manufacturing within the Department of Commerce.
- Directs the Secretary of Commerce to develop a national strategy for semiconductor manufacturing.
Impact of the Building Chips in America Act of 2023
The Building Chips in America Act of 2023 is expected to have a significant impact on the U.S. semiconductor industry. It is likely to lead to increased investment in semiconductor research, development, and manufacturing in the United States. It is also likely to reduce the United States’ reliance on foreign-made semiconductors.
The bill could have a positive impact on the U.S. economy by creating new jobs and stimulating economic growth. It could also make the United States more competitive in the global marketplace.
However, the bill could also have some negative consequences. It could lead to increased government spending and debt. It could also lead to trade disputes with other countries.
Public Law 118 – 105 – Building Chips in America Act of 2023
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