The CHIPS Bill Introduces New Tax Credit to Incentivize U.S. Semiconductor Industry

August 3, 2022

Background and expected impact. The House and Senate have passed the CHIPS Bill of 2022 (HR 4346), and President Biden has said that he will sign it. In furtherance of the broad goal of reducing U.S. reliance on foreign suppliers of semiconductor chips, the Bill will add the Advanced Manufacturing Investment Credit (the “AMI Credit”) to the Internal Revenue Code (the “Code”).

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Irina Pisareva Irina Pisareva New York Tax

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