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Definition: Chips and Science Act


In mid-2022, the U.S. Congress passed the Chips and Science Act that provides $54 billion in grants for semiconductor manufacturing and 5G wireless deployment. Commonly known as the "CHIPS Act" (Creating Helpful Incentives to Produce Semiconductors Act), it also provides $24 billion in tax credits for new chip fabrication plants, as well as increased funding for the National Science Foundation, Commerce Department, National Institute of Standards and Technology (NIST) and Energy Department.

A Combination of COMPETES and USICA Acts
The Chips and Science Act blends provisions from the America COMPETES Act passed in the House, the U.S. Innovation and Competition Act (USICA) passed in the Senate and the proposed FABS Act (Facilitating American-Built Semiconductors). See chip manufacturing.