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Senate Sets Up Vote on $52 Billion for Semiconductor Industry

July 27, 2022, 1:44 AM

A $52 billion boost to the US domestic semiconductor industry moved one step closer to reality Tuesday when the Senate advanced legislation providing grants, incentives and tax breaks to the sector and set it up for final passage this week.

“It’s a major step for our economic security, our national security, our supply chains and, in fact, for America’s future,” Senate Majority Leader Chuck Schumer said Tuesday on the Senate floor before a procedural vote on the bill. “With this bill we will reawaken the spirit of discovery, innovation, invention and optimism that made America the envy of the world.” ...