Biden signs executive order enacting Semiconductor Act

WASHINGTON (Reuters) – US President Joe Biden signed an executive order on Thursday to revive semiconductor manufacturing through a $52.7 billion (€52.9 billion) grant package, the White House said.

The text, passed in July by Congress and unveiled earlier in the month by the head of state, aims to encourage investment and research to compete with China in the face of persistent semiconductor shortages.

The new law, in particular, provides for a 25 percent investment tax credit for chip factories, totaling an estimated $24 billion.

The Department of Commerce must provide funding. The date of receipt of these funds and the timing of their development are not yet known.

The executive order establishes six priorities for implementing the law and creates a 16-member board co-chaired by the director of the White House National Economic Council, the national security adviser, and the acting director of the Bureau. .

(Report by David Shepardson; French version by Helene Vardon and Camille Raynaud, edited by Sophie Louet)

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