IT Reshoring News

May 11, 2022

Have You Heard About the CHIPS for America Act?

A new law would help manufacturers create American IT jobs, as well as help solve the "chip shortage." It just needs funding.

By now you've heard about the "chip shortage" – the semiconductor industry falling way behind on making new semiconductor "chips" due to the pandemic and supply chain problems.

The CHIPS for America Act can help us turn that around.

It's short for "." Introduced to Congress in June 2020, it was signed into law January 2021.

The Act calls for investment in & support of semiconductor production within the U.S. – that is, reshoring!

The Act declares up to $52 billion in grants for the construction of semiconductor manufacturing facilities, and income tax credits for semiconductor equipment or manufacturing facility investment through 2026.

Awesome news! So why hasn't this been crowed about nationwide? Well, because of one little one's allocated funding yet.

Congress has tried twice to grant funding, first in 2021 with the United States Innovation and Competition Act (USICA), and then in early 2022 with the America COMPETES Act. The latter is still under congressional debate, and may pass later in the year. But as of publication, not a cent.

Still, it seems private industry isn't waiting. They're moving forward with plans to build new or expand existing semiconductor facilities.

These efforts produce an immense boon for U.S. tech manufacturing as a whole, and the semiconductor industry in particular. It will take time, but the efforts should curb the infamous "chip shortage" within a year or two.

The plants mean millions more chips every year for computers, phones, electric vehicles, utilities, and much more. All made in America.

It's the best Reshoring News we've seen in a long time!

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