TEXAS — President Joe Biden signed the bipartisan Chips and Science Act into law Tuesday, giving the semiconductor industry a much needed boost. Supporters say the bill will increase domestic computer chip production, which will help the economy and lower the prices of things like cars and electronics.
It’s also a win for Texas, which is considered a leader in the semiconductor industry. The state has led the country in semiconductor exports for over 10 years.
“We’re going to see all sorts of new employment, new opportunity for our young people, our returning veterans,” said Tony Bennett, the president of the Texas Association of Manufacturers. “It’s a very exciting time.”
The CHIPS Act will allocate $52 billion in subsidies to domestic semiconductor manufactures, and provide tax credits to incentivize investment into the industry.
“That’s really central to the CHIPS Act, the national security it brings us, and the economic security for the state of Texas and the United States,” said Bennett.