Commerce Department will process applications one by one.
Secretary of Commerce Gina Raimondo recently spoke about future investments in domestic semiconductor manufacturing. Congress approved the $52.7 billion CHIPS and Science Act in August, much of which goes toward tax credits for semiconductor production companies. Secretary Raimondo expects that the Commerce Department’s tax credit program should be ready to receive applications in February 2023, and emphasized the need to “responsibly” negotiate with the large companies likely to apply.
“We’re going to negotiate these deals one at a time,” Secretary Raimondo stated, adding they would need companies to prove government funding is absolutely necessary for production. “They’re not going to get any more than necessary to make these investments.”
As the Lord Leads, Pray with Us…
- That Secretary Raimondo would seek God’s direction as she oversees the review of applications of microchip manufacturers.
- For Commerce Department officials as they evaluate the semiconductor production market.
- For the president and members of Congress as they look to shore up domestic production and strengthen the supply chain.
Sources: The Hill, Reuters
