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Chip Funding Bill Heads to White House

The House of Representatives voted 243-187 Thursday to approve the CHIPS and Science Act one day after the Senate passed the bipartisan legislation by a 64-33 vote.

The $280 billion funding package will support domestic initiatives aimed at helping both the public and private sectors meet the chip shortage challenge and cut reliance on semiconductor products from foreign sources.

President Joe Biden indicated his intent to sign the bill into law.

“By making more semiconductors in the United States, this bill will increase domestic manufacturing and lower costs for families. And, it will strengthen our national security by making us less dependent on foreign sources of semiconductors,” he added.

The CHIPS Act includes direct financial assistance amounting to $52.7 billion for companies involved in chipmaking and offers tax incentives worth as much as $24 billion for the sector.

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