Senators propose new tax credit for chip manufacturing

WASHINGTON —  A bipartisan group of U.S. senators on Thursday proposed a new 25 percent investment tax credit for investments in semiconductor manufacturing as Congress works to speed U.S. chip production amid a global shortage.

The proposal sponsored by Senate Finance Committee Chairman Ron Wyden and the top Republican Sen. Mike Crapo along with Mark Warner, John Cornyn, Debbie Stabenow and Steve Daines would provide “reasonable, targeted incentives for domestic semiconductor manufacturing,” they said in a statement.

Last week, the Senate voted 68-32 to approve spending $52 billion to increase U.S. production and research into semiconductors and telecommunications equipment, including $2 billion dedicated to chips used by automakers.

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