he Biden administration on Tuesday said it will require companies winning funds from its $52 billion U.S. semiconductor manufacturing and research program to share excess profits and explain how they plan to provide affordable childcare.
The Commerce Department on Tuesday is releasing its plans to begin accepting applications in late June for a $39 billion manufacturing subsidy program. The law also creates a 25% investment tax credit for building chip plants estimated to be worth $24 billion.
The CHIPS Act plays a central role in the Biden administration’s effort to bring semiconductor manufacturing back to the United States. Its success is vital to U.S. ambitions to keep ahead of China in global markets.