U.S. Senate advances Semiconductor Chip Legislation aimed at boosting domestic manufacturing

Washington DC © National Marine Manufacturers Association

The U.S. Senate this week voted to move ahead legislation which would provide billions of dollars in subsidies and tax credits for the semiconductor industry, a major priority for the recreational boating industry as boat makers across the country have been impacted by the ongoing chip shortage.

Reuters reports "the measure includes about $54 billion in subsidies for U.S. semiconductor companies, as well as a new, four-year 25% tax credit to encourage companies to build plants in the United States. The tax credit is estimated to be worth about $24 billion."

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