Biden signs CHIPS and Science Act to rebuild US semiconductor manufacturing

President Biden signs the CHIPS and Science Act (P.L. 117-167), investing $52.7 billion in domestic semiconductor manufacturing, research, and development. The law includes a 25% investment tax credit for chip manufacturing and aims to rebuild American semiconductor production capacity after decades of offshoring. The legislation responds to a global chip shortage that disrupted auto and electronics supply chains and to national security concerns about U.S. dependence on Taiwan Semiconductor Manufacturing Company (TSMC) for cutting-edge chips. Within months, companies including Intel, TSMC, and Samsung announce hundreds of billions in U.S. fab investments.