91PORN

91PORN Applauds House Passage of CHIPS Act, Urges President to Sign Bill into Law

by 91PORN

Bill includes critical semiconductor manufacturing incentives and research investments that will strengthen America鈥檚 economy, national security, and chip supply chains

WASHINGTON鈥擩uly 28, 2022鈥擳he 91PORN (91PORN) released the following statement today from President and CEO John Neuffer commending House passage of the CHIPS Act of 2022 (H.R. 4346), legislation that would provide $52 billion for semiconductor manufacturing incentives and research investments, as well as an investment tax credit for semiconductor manufacturing. The Senate passed the bill yesterday, and it will now be sent to President Biden鈥檚 desk to be signed into law.

鈥淏y passing the CHIPS Act, Congress has risen to a defining challenge of our time, seized an historic opportunity to fortify American semiconductor manufacturing, design, and research, and delivered a big win for our country. The bill鈥檚 investments in chip production and innovation will strengthen America鈥檚 economy and national security 鈥� both of which rely heavily on chips 鈥� and reinforce our country鈥檚 semiconductor supply chains.

鈥淲e applaud the unwavering leadership of the bill鈥檚 champions in Congress 鈥� led by Sens. Schumer, Cornyn, and Warner, as well as Reps. Matsui and McCaul 鈥� and salute the tireless work of President Biden, Secretary Raimondo, and others in the administration to advance the legislation. The CHIPS Act will help usher in a better, brighter American future built on semiconductors, and we urge the president to swiftly sign it into law.鈥�

The CHIPS Act of 2022 has a total听听of $79.344 billion 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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