Biden-Harris Administration Finalizes $7.9B in CHIPS Act Funding for Intel

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Biden-Harris Administration Finalizes $7.9B in CHIPS Act Funding for Intel

//science-technology.news-articles.net/content/2 .. nalizes-7-9b-in-chips-act-funding-for-intel.html

Published in Science and Technology on Tuesday, November 26th 2024 at 18:42 GMT by Tim Hastings
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Intel will use the funding for its commercial semiconductor manufacturing and packaging projects under construction in Arizona, New Mexico, Ohio and Oregon.

The Biden-Harris administration has finalized a $79 billion funding package for Intel under the CHIPS and Science Act, aimed at boosting domestic semiconductor production. This investment includes $3.5 billion in direct funding, $11 billion in loans, and a potential $13.5 billion in tax credits for Intel's projects in Arizona, Ohio, New Mexico, and Oregon. The funding will support the construction of new factories and the expansion of existing facilities, with a focus on increasing U.S. manufacturing capacity for leading-edge semiconductors. This initiative is part of a broader effort to enhance national security, economic resilience, and technological leadership by reducing reliance on foreign semiconductor supply chains. The agreement also includes commitments from Intel to invest in workforce development, research and development, and to ensure that the U.S. remains at the forefront of semiconductor technology.

Read the Full Engineering News-Record Article at [ https://www.enr.com/articles/59941-biden-harris-administration-finalizes-79b-in-chips-act-funding-for-intel ]