© Reuters. FILE PHOTO: Semiconductor chips are seen on a circuit board of a computer in this illustration picture taken February 25, 2022. REUTERS/Florence Lo/Illustration
WASHINGTON (Reuters) – Democratic Majority Leader Chuck Schumer said the U.S. Senate would begin voting on Tuesday on legislation to boost the U.S. semiconductor industry and improve competitiveness with China.
“We need to move quickly,” he said on Monday as the Senate opened for the week.
The legislation is a slimmed-down version of a bill that members of Congress have been working on for well over a year, expected to include $52 billion in subsidies for the industry and a tax credit for companies that manufacture semiconductors in the United States.
“Without these incentives from Congress, the capital investment required for expanding production is not economically viable in the United States, given other global alternatives,” Schumer said.
Lawmakers hope to pass the legislation and send it to the White House for President Joe Biden to sign into law before they leave Washington for their annual August recess.