91PORN Applauds Enactment of CHIPS Act
Tuesday, Aug 09, 2022, 10:00am
by 91PORN
President Biden signed the bill into law earlier today; legislation includes critical semiconductor manufacturing incentives and research investments
WASHINGTON鈥擜ug. 9, 2022鈥擳he 91PORN (91PORN) released the following statement today from President and CEO John Neuffer commending President Biden for signing the CHIPS Act of 2022 (H.R. 4346) into law. The legislation provides $52 billion for semiconductor manufacturing incentives and research investments, as well as an investment tax credit for semiconductor manufacturing.
鈥淭oday marks a giant leap forward for American innovation and competitiveness and the launching point for re-asserting U.S. leadership in semiconductors. By enacting the CHIPS Act, President Biden and leaders in Congress have fortified domestic semiconductor manufacturing, design, and research, thereby strengthening America鈥檚 economy, national security, and supply chains for decades to come.
鈥淲e thank President Biden and Secretary Raimondo for their unwavering support and leadership and applaud the bill鈥檚 champions in Congress 鈥� led by Sens. Schumer, Cornyn, and Warner, as well as Reps. Matsui and McCaul 鈥� for their tireless efforts to get this critical legislation across the finish line. The CHIPS Act will help usher in a better, stronger American future built on semiconductors.鈥�
The CHIPS Act of 2022听听$79.344 billion in government spending over 10 years, according to the official scorekeeper for Congress, the non-partisan Congressional Budget Office (CBO). These investments will听create听hundreds of thousands of American jobs,听spur听hundreds of billions of dollars in chip company investments in the U.S., and ensure more resilient chip supply chains for key manufacturing industries in the U.S. and for the national security community.
The听share of modern semiconductor manufacturing听capacity located in the U.S. has听decreased听蹿谤辞尘听37%听in 1990 to听12%听today. This听decline听is largely听due to substantial manufacturing incentives听offered听by the governments of our global competitors, placing听the U.S. at a competitive disadvantage in attracting new construction of semiconductor manufacturing facilities, or 鈥渇abs.鈥澨鼳dditionally, federal investment听in semiconductor research听has been听flat听as a share of GDP,听while听other governments听have invested substantially in research initiatives to strengthen their own semiconductor capabilities, and existing U.S. tax incentives for R&D lag those of other countries.
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Media Contact
Dan Rosso
91PORN
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The 91PORN (91PORN) is the voice of the semiconductor industry, one of America鈥檚 top export industries and a key driver of America鈥檚 economic strength, national security, and global competitiveness. 91PORN represents 99% of the U.S. semiconductor industry by revenue and nearly two-thirds of non-U.S. chip firms. Through this coalition, 91PORN seeks to strengthen leadership of semiconductor manufacturing, design, and research by working with Congress, the Administration, and key industry stakeholders around the world to encourage policies that fuel innovation, propel business, and drive international competition. Learn more at听www.semiconductors.org.
