Biden signs executive order for semiconductor law

Biden signs executive order for semiconductor law

WASHINGTON (Reuters) – U.S. President Joe Biden on Thursday signed the executive order to revive semiconductor production through a $52.7 billion (52.9 billion euro) grant package. ), the White House announced.

This text, adopted in July by Congress and promulgated at the beginning of the month by the Head of State, aims to promote investment and the development of research in order to compete with China in a persistent context of shortage of semiconductors. .

The new law notably provides for a 25% investment tax credit for chip factories, for a total amount estimated at 24 billion dollars.

The Commerce Department should award funding. The date on which these funds will be available and the deadlines for their disbursement were not yet known.

The executive order establishes six priorities for implementing the law and creates a 16-member council that will be co-chaired by the director of the White House National Economic Council, the national security adviser and the acting director of the Bureau. science and technology policy.

(Report David Shepardson; French version Elena Vardon and Camille Raynaud, edited by Sophie Louet)

Reference: www.challenges.fr

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