WASHINGTON – Democratic Majority Chief Chuck Schumer mentioned the U.S. Senate would start voting on Tuesday on laws to spice up the U.S. semiconductor trade and enhance competitiveness with China.
“We have to transfer shortly,” he mentioned on Monday because the Senate opened for the week.
The laws is a slimmed-down model of a invoice that members of Congress have been engaged on for effectively over a yr, anticipated to incorporate $52 billion in subsidies for the trade and a tax credit score for firms that manufacture semiconductors in america.
“With out these incentives from Congress, the capital funding required for increasing manufacturing is just not economically viable in america, given different international alternate options,” Schumer mentioned.
Lawmakers hope to move the laws and ship it to the White Home for President Joe Biden to signal into regulation earlier than they go away Washington for his or her annual August recess.
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