The Creating Helpful Incentives to Produce Semiconductors and Science Act (CHIPS and Science Act), signed into law on August 9, 2022, includes a new temporary Advanced Manufacturing Investment Credit aimed at spurring the production of semiconductors and semiconductor equipment within the United States and easing the nation's reliance on foreign supply. Semiconductors are an essential component of electronic devices and have enabled advances in computing, healthcare, clean energy, and a variety of other industries. The new incentive could provide a boost for companies looking to enter a potentially lucrative market.

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