US President Joe Biden To Sign Chip Act On August 9

Semiconductor manufacturers, including Intel, will receive subsidies.

According to the US media, a package of bills passed by the US Congress, often collectively referred to as the Chip Act, will give a noticeable impetus to the development of the semiconductor industry. Manufacturers, including Intel, will receive $52 billion in subsidies and another $24 billion in tax credits. For the legislative initiatives to come into force, they must be signed by US President Biden – this procedure, according to preliminary data, will take place on August 9.

Joe Biden has previously spoken approvingly of the proposed measures to stimulate the production of high-tech semiconductor products in America – the United States seeks to reduce technological dependence on China, especially given the significant increase in geopolitical tensions in 2022, including around the Taiwan issue. Among other things, parliamentarians plan to provide another $ 200 billion for research in the future.

Still, at the moment, this initiative had to be postponed to speed up the adoption of the rest of the package of laws. Earlier, experts reported that even considering the imminent signing of documents by the president, the first subsidies to the company are likely to be received only in 2023.