Bipartisan support in Congress for a (limited) tax bill? It's true! The pared-down CHIPS Act, which would provide tax credits for companies to invest in semiconductor manufacturing, has support from lawmakers in both parties.
The $50 billion bill would provide a 25% tax credit for U.S. businesses that invest in chip-making as well as the specialized tools needed to make chips. The credit, which manufacturers could elect to treat as a payment against tax, is for property placed in service between Dec. 31, 2022, and Jan. 1, 2027. The Senate has voted to forward the CHIPS Act and the House is expected to vote on it before its August recess. Senate Majority Leader Chuck Schumer (D-NY) said he plans to schedule a vote before the August recess with the expectation that the U.S. House of Representatives would follow suit.