June 10, 2020 / 8:43 PM / a month ago

U.S. lawmakers propose $22.8 bln in aid to semiconductor industry

June 10 (Reuters) - A bipartisan group of U.S. lawmakers on Wednesday introduced a bill that would provide more than $22.8 billion in aid for semiconductor manufacturers, aiming to spur the construction of chip factories in America amid a simmering strategic technology rivalry with China.

Chip factories can cost up to $15 billion to build, with much of the expense in the form of pricey tools. The proposal would create a refundable income tax credit for semiconductor equipment, $10 billion in federal funds to match state incentives to build factories, and $12 billion in research and development funding. (Reporting by Stephen Nellis in San Francisco; Editing by Leslie Adler)

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