Crapo, Wyden Reaffirm Commitment to Extending Advanced Manufacturing Investment Credit

Crapo, Wyden Reaffirm Commitment to Extending Advanced Manufacturing Investment Credit

Washington, D.C.-U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Ron Wyden (D-Oregon) today reaffirmed their bipartisan commitment to extending the Advanced Manufacturing Investment Credit (CHIPS ITC), citing the tax credit's role in strengthening domestic semiconductor manufacturing, creating jobs and advancing U.S. national security.

"The Advanced Manufacturing Investment Credit is a critical tool for strengthening domestic semiconductor supply chains, creating good-paying jobs and advancing our national security interests," said Crapo and Wyden. "Since its enactment in 2022, the tax credit has spurred significant investments across the United States, including in Idaho and Oregon. As Chairman and Ranking Member of the Finance Committee, we are committed to working with our colleagues in the House and Senate to extend this vital incentive and ensure the U.S. remains a global leader in semiconductor manufacturing."

Background

The Advanced Manufacturing Investment Credit was created by the CHIPS and Science Act of 2022 and is based on Crapo and Wyden's Facilitating American-Built Semiconductors Act, introduced in 2021. Absent congressional action, the CHIPS ITC will not apply to property the construction of which begins after December 31, 2026. This would increase the cost of manufacturing semiconductors and semiconductor manufacturing equipment in the United States, making it harder for America to compete for private investment, manufacturing jobs and critical chip production.