SIA Applauds Senate Introduction of FABS Act

The Semiconductor Industry Association (SIA) today applauded the introduction in Congress of the Facilitating American-Built Semiconductors (FABS) Act, bipartisan legislation that would establish an investment tax credit to incentivize greater semiconductor manufacturing in the United States. The bill was introduced today by Sens. Ron Wyden (D-Ore.) and Mike Crapo (R-Idaho), the Chair and Ranking Member, respectively, of the Senate Finance Committee. Cosponsors include Sens. John Cornyn (R-Texas), Mark Warner (D-Va.), Steve Daines (R-Mont.), and Debbie Stabenow (D-Mich.). SIA represents 98 percent of the U.S. semiconductor industry by revenue. On June 8, in a strong bipartisan vote, the Senate passed legislation called the U.S. Innovation and Competition Act (USICA) that includes $52 billion to fund the semiconductor manufacturing, design, and research provisions in the CHIPS for America Act. SIA has called on the House to follow suit and send legislation to the President’s desk for signature. A semiconductor investment tax credit is an important complement to the manufacturing incentives and research investments in USICA.