Time ‘of the Essence’ to Fund Chips Act, Tech Companies Tell Congress

Congress should take “prompt action” to fund the Creating Helpful Incentives for the Production of Semiconductors Act and enact a stronger version of the Facilitating American Built Semiconductors Act to include an investment tax credit for semiconductor design and manufacturing, nearly five dozen tech companies and automakers wrote the House and Senate leadership Wednesday. “Demand for critical components has outstripped supply, creating a global chip shortage and resulting in lost growth and jobs in the economy,” said the companies. “The shortage has exposed vulnerabilities in the semiconductor supply chain and highlighted the need for increased domestic manufacturing capacity.” The Senate already approved Chips Act funding on a bipartisan basis, and the House “must now move forward to approve the funding,” they said. “The chip shortage poses risks to our entire economy and time is of the essence.”