CHIPS and Science Act includes tax credits, incentives – Insider Monkey
Asking the better questions that unlock new answers to the working world's most complex issues.
Learn more
See more
AI insights
CEO agenda
CFO agenda
EY podcasts
EY webcasts
Operations leaders
Technology leaders
Marketing and growth leaders
Cybersecurity and privacy leaders
Risk leaders
EY Center for Board Matters
See more
EY helps clients create long-term value for all stakeholders. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate.
See more
Artificial Intelligence (AI)
Strategy, transaction and transformation consulting
Technology transformation
Tax function operations
Climate change and sustainability services
EY Ecosystems
Audit
Supply chain and operations
EY Partner Ecosystem
Explore Services
We bring together extraordinary people, like you, to build a better working world.
See more
Experienced professionals
MBA and advanced-degree students
Student and entry level programs
Contract workers
EY-Parthenon careers
Discover how EY insights and services are helping to reframe the future of your industry.
See more
Energy and resources
How data analytics can strengthen supply chain performance
13 Jul 2023Ben Williams
Metaverse
How Takeda harnessed the power of the metaverse for positive human impact
26 Jun 2023Edwina Fitzmaurice
Banking and Capital Markets
How cutting back infused higher quality in transaction monitoring
11 Jul 2023Ron V. Giammarco
See all
At EY, our purpose is building a better working world. The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets.
See more
EY Announces Winners for the Entrepreneur Of The Year® 2024 East Central Award
14 Jun 2024Victoria Kasper
EY Announces Winners for the Entrepreneur Of The Year® 2024 Greater Los Angeles Award
14 Jun 2024Victoria Kasper
EY Announces Winners for the Entrepreneur Of The Year® 2024 Gulf South Award
14 Jun 2024Victoria Kasper
No results have been found
Topics
General
People
Recent Searches
Trending
CIO Survey: will you set the GenAI agenda or follow the leaders?
Get insights on how CIOs will address the challenges and capture the full benefits of GenAI in the 2024 EY CIO Sentiment Survey.
How a flexible supply chain raised the bar for the beverage industry
The client’s goal: better accommodate future growth, predict customer demands, and add agility to inventory and production lines. Learn how we did it.
How can your business go from competitive to cutting edge?
Learn how the EY-Microsoft Alliance delivers AI driven strategies and smart business solutions using cloud technology.
Select your location
Advisory services group that helps clients manage opportunities and risks associated with the legislative and regulatory process.
The CHIPS and Science Act, signed into law August 9, 2022, includes $52 billion in chips manufacturing incentives made up of funding for semiconductor manufacturing subsidies, grants and loans. $24 billion of the incentives is marked to be spent in fiscal 2022, of which as much as $6 billion could be used to cover the cost of direct loans and loan guarantees and $2 billion for facility investments to support advanced fabrication, assembly and other activities at "mature technology nodes."
The legislation also includes an "advanced manufacturing investment credit" – a 25% investment tax credit for investments in semiconductor manufacturing. It includes incentives for the manufacturing of semiconductors, as well as for manufacturing of specialized tooling equipment required in the semiconductor manufacturing process, with taxpayers allowed to treat the credit as a payment against tax ("direct pay").
The legislation authorizes $102 billion over five years for the National Science Foundation (NSF), the Commerce Department and the National Institutes of Standards and Technology to increase investments in R&D.
The legislation is a significant step designed to impact supply chains, economic investment and overall dependance on manufacturers outside the US.
About this article
Advisory services group that helps clients manage opportunities and risks associated with the legislative and regulatory process.
How EY can help
Americas and US Tax Policy
Americas and US Tax Policy at Ernst & Young LLP is a one-stop resource for insights on national and state tax reform, tax policy, regulatory changes and legislation.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.