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indie Semiconductor, an Autotech solutions innovator, announced support for the United States Senate’s latest action in progressing legislation that is designed to incentivize investment in the nation’s semiconductor industry.
Last week the U.S. Senate voted 64 to 34 to advance the ‘Creating Helpful Incentives to Produce Semiconductors’ (CHIPS) Act. This legislation currently promises over $50 billion for semiconductor manufacturing incentives and research investments as well as offers an additional 25% tax credit for facilities that produce semiconductors or semiconductor manufacturing equipment.
“The latest progress on the CHIPS Act is encouraging news for companies such as indie that are at the forefront of semiconductor development,” said Donald McClymont, indie’s co-founder and CEO. “Specifically, this bill represents a significant step forward for innovative U.S. fabless and integrated device manufacturing companies with benefits ranging from R&D subsidies to incentives for expanded fabrication capacity. The unprecedented strategic investments contemplated at the federal and state levels would bolster indie’s hiring plans to support strong Autotech customer demand and improve our supply chain flexibility.”
The next step in advancing the CHIPS Act will involve final Senate approval and a subsequent vote for the measure in the U.S. House of Representatives, after which it can be submitted to President Biden for signing into law.