WASHINGTON: Democratic Majority Chief Chuck Schumer declared that the United States Senate would certainly begin voting on Tuesday (Jul 19) on legislation to improve the US semiconductor industry and improve competition with China.
“We have to move quickly, ” he said on Monday as the Senate opened for the 7 days.
The legislation is a slimmed-down version of a Bill that members of Congress have been working on for further than a year, anticipated to include US$52 billion in subsidies for your industry and a tax credit for companies that manufacture semiconductors in the United States.
“Without these incentives from Congress, the capital expense required for expanding production is not economically practical in the United States, given various other global alternatives, inch Schumer said.
Lawmakers hope to move the legislation plus send it to the White House with regard to President Joe Biden to sign in to law before they leave Washington for his or her annual August break.