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US Senate votes 64-32 to advance the CHIPS and Science Act of 2022
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US Senate votes 64-32 to advance the CHIPS and Science Act of 2022

Senate votes to advance CHIPS & Science Act. The bill will boost domestic semiconductor production.

Where: United States

The Facts

On Tuesday, the US Senate voted 64-32 to invoke cloture (a procedure for ending a debate and taking a vote) and advance legislation to boost US semiconductor chip production.
The bill, also known as the CHIPS and Science Act of 2022, aims to address the domestic semiconductor chip shortage and make the US less reliant on other countries for chip manufacturing.
The legislation provides around $52 billion in government subsidies for domestic semiconductor manufacturing, a 25% tax credit for investments in semiconductor manufacturing, and funding for research and development in the field.
Senate Majority Leader Schumer (D-NY) issued a press release stating the bill will “directly help alleviate the current supply-chain crisis that has increased costs for families, worsened inflation, and presented a national security threat due to the critical lack of microchips.”
The bill will have to pass a final vote in the Senate in the upcoming days, followed by the House of Representatives, before it can head to President Biden’s desk to be signed into law.

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