Biden meets corporate and labour chiefs, pushes chips bill
WASHINGTON : US President Joe Biden met virtually yesterday (July 25) with the chief executives of Lockheed Martin Corp, Medtronic PLC and Cummins Inc along with labour leaders as part of the administration’s push for legislation to boost the US semiconductor industry. “Congress must pass this bill as soon as possible,” Biden said. “There is an economic imperative … This bill is going to supercharge efforts to make semiconductors.” The Senate’s Democratic majority leader, Chuck Schumer, said he was delaying a procedural vote because of severe weather issues until today. The bill includes about US$52 billion (RM231 billion) in subsidies for US semiconductor production, as well as a new, four-year 25% tax credit to encourage companies to build US semiconductor plants. The tax credit is estimated to be worth US24 billion. Other provisions include a US$1 billion grant program for “persistently distressed communities”. Last week, the Senate backed by 64 to 34 a procedural measure on a slimmed-down version of legislation.
Biden meets corporate and labour chiefs, pushes chips bill
WASHINGTON : US President Joe Biden met virtually yesterday (July 25) with the chief executives of Lockheed Martin Corp, Medtronic PLC and Cummins Inc along with labour leaders as part of the administration’s push for legislation to boost the US semiconductor industry. “Congress must pass this bill as soon as possible,” Biden said. “There is an economic imperative … This bill is going to supercharge efforts to make semiconductors.” The Senate’s Democratic majority leader, Chuck Schumer, said he was delaying a procedural vote because of severe weather issues until today. The bill includes about US$52 billion (RM231 billion) in subsidies for US semiconductor production, as well as a new, four-year 25% tax credit to encourage companies to build US semiconductor plants. The tax credit is estimated to be worth US24 billion. Other provisions include a US$1 billion grant program for “persistently distressed communities”. Last week, the Senate backed by 64 to 34 a procedural measure on a slimmed-down version of legislation.