The $280 billion semiconductor bill, aimed at helping revitalize the US chip industry, has overcome its final hurdle, passing in the US House.
The bill, formerly known as the CHIPS and Science Act, has been widely supported by Intel and other tech companies. The bill includes more than $52 billion to assist semiconductor makers’ efforts to establish foundries and factories in the US.
The bill was seen as a major factor in some companies’ decision-making process. Samsung is rumored to be considering a $200 billion investment in 11 factories in Texas, but it’s believed the company wanted to wait and see if the bill passed. Other companies were known to be holding off on their decision-making process until the bill’s future was certain.
With the bill now passing the House, it will go to President Biden to be signed into law.
“This bill includes important guardrails to ensure that companies receiving tax payer dollars invest in America and that union workers are building new manufacturing plants across the country,” Biden said in a statement.
“I look forward to signing this bill into law and continuing to grow our economy from the bottom up and middle out for working families all across the country.”