CHIPS and Science Act of 2022 Signed into Law
Aug 8, 2022
ASME’s Executive Director and CEO Tom Costabile hailed bipartisan passage of the legislation: “We consider passage of the CHIPS and Science Act a great victory on behalf of the entire worldwide engineering community. Engineering is at the heart of solving many of the world’s greatest problems, from the military equipment used in national security and the exploration of outer space, to the trucks on the road that keep commerce going strong and medical devices saving lives every day. Today’s groundbreaking legislation is a significant investment in advancing the technical capabilities of the United States, allowing us to innovate, compete, explore, and help communities thrive like never before.”
The legislation provides more than $52 billion in funding and new tax incentives to spark investment in U.S.-based manufacturing of chips critical to competitiveness and national security, and also authorizes funding for key federal research agencies like the National Science Foundation (NSF), the Department of Energy’s Office of Science, the National Institute of Standards and Technology (NIST), and NASA.
The bill would establish a new Technology, Innovation, and Partnerships Directorate (TIP Directorate) within NSF to address challenges related to national security, manufacturing and industrial productivity, workforce development, climate change, and education. The new directorate will also work to accelerate advancement in 10 key technology focus areas, including semiconductors, artificial intelligence, biotechnology, advanced energy, and natural and manmade disaster prevention.
To read the full text and other summary information from the Senate Commerce, Science, and Transportation Committee, visit: https://www.commerce.senate.gov/2022/8/view-the-chips-legislation
A summary fact sheet is available from the House Committee on Science, Space, and Technology at: https://science.house.gov/the-chips-and-science-act