Senate passes $52B microchip industry investment; tremendous benefit for Arizona, says Rose Law Group attorney Dan Gauthier 

Arizona Senator Mark Kelly speaks to the Senate in support of passage of microchip industry bill/YouTube. (See video below)

BY KEVIN STONE | KTAR.com

Arizona leaders celebrated Wednesday after Congress moved closer to passing a massive investment in the microchip industry, which is already booming in the Grand Canyon State.

The Senate approved the bipartisan measure by a 64-33 margin, including two resounding yes votes from Arizona. The House vote is expected later this week.

“For decades, some ‘experts’ said we needed to give up on manufacturing in America. I never believed that. Manufacturing jobs are back,” President Joe Biden said. “Thanks to this bill, we are going to have even more of them. The House should promptly pass it and send this bill to my desk.”

The bill includes more than $52 billion in grants and other incentives for the semiconductor industry as well as a 25% tax credit for those companies that invest in chip plants in the U.S. It also calls for spending about $200 billion for various research activities over 10 years, though Congress will have to follow through by including that money in future spending bills.

Global semiconductor company picks Arizona for $12B factory

“That will mean tens of thousands of new jobs in places like Arizona, which is already a microchip hub poised to grow as Intel and the Taiwan Semiconductor Manufacturing Company expand and build new manufacturing facilities,” Sen. Mark Kelly said on the Senate floor after the Wednesday’s vote.

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“Following the Senate’s approval of the CHIPS Act, the legislation is in the hands of the House of Representatives. If signed into law, this legislation would provide subsidies to semiconductor manufacturers, including, among other benefits, a 25% investment tax credit for the manufacture of semiconductors and tools to create semiconductors. The effects of this legislation will be felt nationwide, and particularly so in Arizona, which is a hub in the semiconductor manufacturing industry.”

~ Dan Gauthier

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