CHIPS Act
Government & Politics abbreviation · US Law
| Stands for | CHIPS and Science Act |
|---|---|
| Categories | Government & Politics |
CHIPS Act stands for CHIPS and Science Act, a US law abbreviation.
Law of August 2022 that provided about $52.7 billion to boost US semiconductor manufacturing and research, including $39 billion in manufacturing grants and an investment tax credit for chip plants, and authorized expanded science funding.
Example: The chipmaker's Arizona factory received a large CHIPS Act grant.
Usage notes
CHIPS refers to "Creating Helpful Incentives to Produce Semiconductors", the name of the earlier bill it built on. Grants are administered by the Commerce Department and include conditions such as limits on expanding advanced production in China. The science portions authorized, but did not guarantee, increased funding for the NSF and other agencies.
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