On Thursday, the U.S. House of Representatives passed a $280 billion bill to provide incentives for the production of semiconductors and other investments in science and technology.

The House passed ‘The Chips and Science Act’  by a vote of 243-187.  The bill passed the Senate on Wednesday with a 64-33 vote; it will now go back to President Biden to be signed into law.

The $280 billion Chips and Science Act will subsidize domestic semiconductor manufacturing while also investing billions of dollars in science and tech innovation. It provides $52 billion in federal grants for semiconductors manufacturing and research. Roughly $100 billion is provided over five years for regional tech hubs to support start-up companies. The bill is expected to make the chip supply chain more resilient by increasing domestic production after having experienced shortages that adversely impacted the economy.

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