US Senate to vote on Chinese chip competition bill on Tuesday -Source | Tech News

WASHINGTON (Reuters) – Senate voting on a bill that would provide funding to the U.S. semiconductor industry as part of efforts to improve competitiveness with China could begin as early as Tuesday, the chief executive

WASHINGTON (Reuters) – Senate voting on a bill that would provide funding to the U.S. semiconductor industry as part of efforts to improve competitiveness with China could begin as early as Tuesday, the chief executive said. Senate Majority Chuck Schumer to lawmakers, a source familiar with the matter said Thursday.

The source said the bill, in addition to $52 billion in chip subsidies, would include, at a minimum, a ‘facilitating American-Built Semiconductors (FABS) Act’ investment tax credit. legislation intended to provide incentives for the construction, expansion or modernization of semiconductor manufacturing facilities in the United States.

The planned legislation is a smaller version of a bill passed by the Senate in June 2021 that included the $52 billion for chip subsidies and authorized an additional $200 billion to spur U.S. science and technology innovation to to compete with China. The House of Representatives never took up that bill, instead passing its own version in February, similar to the Senate measure, but also including a number of trade proposals.

The comments about Schumer’s plans were consistent with what Commerce Secretary Gina Raimondo told Reuters in an interview on Wednesday. She said lawmakers appeared to want to remove $52 billion in semiconductor chip manufacturing subsidies from a larger bill to boost US competitiveness with China.

(Reporting by Richard Cowan and David Shepardson; Writing by Patricia Zengerle; Editing by Chris Reese and Leslie Adler)

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