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U.S. Senate advances chip funding bill to encourage local semiconductor manufacturing

The U.S. Senate voted in favor of the chips bill (64-32) on Tuesday to bolster local semiconductor manufacturing. The bipartisan bill will pave the way for providing nearly $280 billion in various incentives for U.S-based chip making.
The bill, popularly known as the CHIPS-Plus package, has three major incentives for chipmakers: $52 billion of assistance in setting up fabs and manufacturing units, which also includes $2 billion for legacy chipmaking essential to the auto and defense industry; 25% in tax relief for investment in local semiconductor manufacturing at roughly $24 billion; and $200

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