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Senate Approves Higher Tax Credits to Spur U.S. Chip Factory Investments

It moves to the House to clear the way for chipmakers to speed up U.S. plant builds before the 2026 deadline.

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Overview

  • The U.S. Senate approved legislation on July 2 raising semiconductor manufacturing tax credits from 25% to 35%.
  • The bill now heads to the House for a vote aimed by July 4 before reaching President Trump for signature.
  • The increase builds on the 2022 CHIPS and Science Act, which provided $39 billion in grants and $75 billion in loans for domestic chipmaking.
  • The Congressional Budget Office projects the expanded credit will cost about $15 billion over the next decade.
  • Intel, TSMC, Micron, Samsung and SK hynix are positioning to accelerate U.S. plant projects to meet a 2026 construction deadline with trade policy shifts increasing urgency.