WASHINGTON: Democratic Majority Leader Chuck Schumer said that the United States Senate would begin voting on Tuesday (Jul 19) on legislation to boost the US semiconductor industry and improve competitiveness with China.
"We need to move quickly," he said on Monday as the Senate opened for the week.
The legislation is a slimmed-down version of a Bill that members of Congress have been working on for more than a year, expected to include US$52 billion in subsidies for the industry and a tax credit for companies that manufacture semiconductors in the United States.
"Without these incentives from Congress, the capital investment required for expanding production is not economically viable in the United States, given other global alternatives," Schumer said.
Lawmakers hope to pass the legislation and send it to the White House for President Joe Biden to sign into law before they leave Washington for their annual August recess.