WASHINTON: As part of the administration’s drive for legislation to support the U.S. semiconductor industry, President Joe Biden met virtually on Monday with the heads of Lockheed Martin Corp, Medtronic PLC, and Cummins Inc, as well as labour leaders.
Biden emphasized that “Congress must adopt this bill as quickly as possible.” There is a moral obligation to produce semiconductors, and this bill will intensify those efforts.
Chuck Schumer, the Democratic majority leader in the Senate, announced that he was postponing a procedural vote until Tuesday at 11 a.m. ET due to weather-related concerns.
The law provides a new, four-year, 25% tax credit to incentivize businesses to develop American semiconductor operations, as well as nearly $52 billion in subsidies for domestic semiconductor manufacture. A $1 billion grant programme for “persistently troubled towns” is one of the additional measures.