WASHINGTON: A bipartisan group of U.S. senators on Thursday proposed a 25per cent tax credit for investments in semiconductor manufacturing as Congress works to increase U.S. chip production.
Supporters of funding note the U.S. share of semiconductors and microelectronics production has fallen to 12per cent from 37per cent in 1990. "The United States can’t allow foreign governments to continue to lure companies’ manufacturing overseas, increasing risks to our economy and costing American workers good-paying jobs," Wyden said.U.S. Commerce Secretary Gina Raimondo said last month the funding could result in seven to 10 new U.S. semiconductor plants.
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