US Chip Industry Win Hinges on Lucrative Tax Credit (Podcast) – Bloomberg Tax

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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.
Americas+1 212 318 2000
EMEA+44 20 7330 7500
Asia Pacific+65 6212 1000
By Erin Slowey
More of the supply chain that helps create semiconductor chips wants in on a lucrative new tax credit aimed at boosting US competitiveness against China.

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As of now under IRS proposed rules, companies that manufacture materials or chemicals supplied to the manufacturing of semiconductors or equipment don’t qualify for the 25% tax credit from the 2022 CHIPS Act.
Bloomberg Tax’s Erin Slowey speaks with Tymon Daniels, vice president of tax for Corning Inc., a US materials science company that is the parent company of Hemlock Semiconductor, about the congressional intent of who should be able to qualify and the importance of having the direct-pay option, where the industry can get cash in lieu of the tax credit.
Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.
To contact the reporter on this story: Erin Slowey in Washington at [email protected]
To contact the editors responsible for this story: Martha Mueller Neff at [email protected]; Kathy Larsen at [email protected]
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