In a new video, U.S. Rep. Abigail Spanberger highlights the investments coming to Virginia communities with The CHIPS and Science Act becoming law.
Signed into law in August by President Joe Biden, the legislation will increase American manufacturing and domestic supply of semiconductors, which are used in laptops, smartphones, vehicles and many other household items.
“Since coming to Congress, I have heard directly from local business owners, workers, and Virginia leaders about how these investments would take advantage of the shovel-ready sites in the Commonwealth and grow Virginia’s workforce in this key sector,” Spanberger said in the video. “I’ve also heard from industries in Virginia that find themselves consistently falling behind foreign competitors simply because of the chronic unavailability of chips for highly mechanized industries, including logging and shipping. The CHIPS and Science Act makes robust investments that will address these issues and push companies to expand their operations here in America.”
Despite inventing the semiconductor in the United States, American production of semiconductors is only 12 percent in 2022. American manufacturers and consumers rely on East Asia for 75 percent of global semiconductor production.
The CHIPS and Science Act will provide $52.7 billion toward semiconductor research, development, manufacturing and workforce development. Manufacturing incentives of $39 billion include $2 billion for the legacy chips used in automobiles and defense systems, $13.2 billion in research and development, as well as workforce development, and $500 million to provide for international information communications technology security and semiconductor supply chain activities.
The legislation also includes a 25 percent investment tax credit for capital expenses for manufacturing of semiconductors and related equipment.
The CHIPS Act authorizes $10 billion to catalyze regional economic growth and development; establishes a technology, innovation and partnerships directorate at the National Science Foundation (NSF); and provides STEM opportunities for more Americans to participate in good-paying skilled jobs.
Spanberger voted in support of the legislation which was led by Virginia Sen. Mark Warner.
Share
Rebecca Barnabi
