ITI: Investment Credit Rulemaking Will Help Bring Chips Manufacturing to U.S.
WASHINGTON – Today, global tech trade association ITI applauded the release of the U.S. Department of the Treasury and the Internal Revenue Service’s (IRS) final rules for the Advanced Manufacturing Investment Credit (AMIC) authorized as part of the Biden Administration’s CHIPS and Science Act. The measure will bring an estimated investment of $24 billion for semiconductors manufacturers and equipment to the U.S.
“Today’s rule is a critical investment in restoring U.S. semiconductor leadership,” said ITI President and CEO Jason Oxman. “As other markets vie to develop cutting-edge chip technology, this measure will encourage companies to build more chips manufacturing facilities and equipment on U.S. soil. It’s an essential part of realizing the vision of the CHIPS and Science Act and bolstering a world-class and robust semiconductor ecosystem.”
ITI has been a leading advocate for the AMIC, which would provide an investment tax credit of 25% for qualified investments in the operation of a facility to manufacture semiconductors or semiconductor manufacturing equipment. To qualify for the advanced manufacturing investment tax, the construction of the facility must begin before December 31, 2026. ITI will continue to work to apply the AMIC to polysilicon and expand the credit to design and research.