Featured Image

Update From Capitol Hill: Chips and Science Act of 2022

In a flurry of activity before the August recess, Congress finally approved the bipartisan funding package to boost semiconductor production in the United States and counter China’s competitiveness in advanced technologies.
Aug 03, 2022

In a flurry of activity before the August recess, Congress finally approved the bipartisan funding package to boost semiconductor production in the United States and counter China’s competitiveness in advanced technologies.

The Chips and Science Act of 2022 (also referred to as CHIPS+) includes more than $52 billion in direct financial assistance for constructing or expanding semiconductor manufacturing facilities in the U.S. It also adds a 25% investment tax credit plus other provisions to encourage domestic chip manufacturing.

There’s also a second component to CHIPS+ that authorizes more than $150 billion over the next five years for advanced technology development, commercialization, and adoption across several federal departments and agencies, including the departments of Commerce, Energy, and Defense, the National Institute of Standards and Technology, and the National Science Foundation. It authorizes an expansion of the MFG USA network, the creation of 20 regional technology hubs, and a tripling of the MEP budget.

Amber Thomas and Harry Moser discuss the impact of the package, the components of an effective industrial policy, and what’s necessary to make the U.S. competitive in the short and long term.

To talk to Harry in person, stop by The Onshoring Project (TOP) exhibit #236600 at IMTS 2022. It’s a spot where OEMs, subcontractors, and job shops will convene on achieving and maintaining agile supply chains for North American companies.

PicturePicture
Author
Amber Thomas
Vice President, Advocacy
Recent advocacy News
Can tariffs safeguard American jobs, combat foreign competition, and boost U.S. manufacturing? The incoming president is bringing this hot topic back into political focus. So, what do tariffs mean, are they truly beneficial, and what's AMT's stance?
On September 5, 2024, the U.S. Department of Commerce's Bureau of Industry and Security (BIS) published an interim final rule implementing export controls on critical and emerging technologies that align with the regulations of U.S. allies.
Recently, the Biden Administration announced several science and technology initiatives centered on key digital technologies and manufacturing. Get the latest updates on how digital twin, AI, semiconductor manufacturing, and EV production will be affected.
President Biden’s recent State of the Union address and Fiscal Year 2025 budget proposal signal potential tax hikes. What are the implications for manufacturing competitiveness and economic strategy?
Last fall, the U.S. Environmental Protection Agency issued two rules relating to toxic substances that significantly impact manufacturers and suppliers. Learn about these guidelines affecting PIP (3:1) and PFAS – and how they affect your business.
Similar News
undefined
Intelligence
By AMT | May 08, 2025

Get the truth about tariffs; Hear the updated economic forecast; CMMC 2.0 and you; And more.

6 min
undefined
Intelligence
By AMT | Apr 17, 2025

Machinery orders surge; Meet local manufacturers; Grab an “Additive Snack” with the AMT president; And more..

6 min
undefined
Advocacy
By Harry Moser | Apr 25, 2025

Tariff volatility and global disruptions are reshaping supply chains. Explore how reshoring can reduce risk and what major manufacturers are doing – or considering – in response.

7 min