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Federal Government

Posted on: August 12, 2022

President Signs CHIPS and Science Act

On Tuesday, August 9, President Joe Biden signed H.R. 4346, the CHIPS and Science Act, into law. In addition to authorizing funding for research and innovation programs, the law appropriates a total of $54.2 billion to support domestic semiconductor manufacturing, research and development, semiconductor workforce development, international information and communications technology security and semiconductor supply chain activities, and advanced wireless communication technologies. The law also establishes a 25% tax credit for investments in semiconductor manufacturing, including the manufacturing of specialized equipment required for semiconductor manufacturing. 
 
Included in the CHIPS and Science Act is a $10 billion authorization to invest in regional innovation and technology hubs across the country, bringing together state and local governments, institutes of higher education, labor unions, businesses, and community-based organizations to create regional partnerships for the development technology, innovation, and manufacturing sectors.

Contact: Paul Penna, Senior Legislative Analyst, ppenna@njlm.org, 609-695-3481, x110.

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