SIA Endorses FABS Act Introduced in House

The Semiconductor Industry Association (SIA) today applauded introduction in the House of Representatives of the Facilitating American-Built Semiconductors (FABS) Act, bipartisan legislation that would establish an investment tax credit to incentivize semiconductor manufacturing, design, and research in the United States. The bill was introduced today by Reps. McCaul (R-Texas) and Matsui (D-Calif.). Original co-sponsors include Reps. Mike Kelly (R-Pa.), DelBene (D-Wash.), Stefanik (R-N.Y.), Kildee (D-Mich.), Katko (R-N.Y.), Slotkin (D-Mich.), and Meijer (R-Mich.). Similar legislation (S. 2107) was introduced in the Senate by Finance Committee Chair Wyden (D-Oreg.), Ranking Member Crapo (R-Idaho), and other bipartisan co-sponsors. “Semiconductors form the nerve center of America’s economy and national security, and incentivizing domestic chip research, design, and manufacturing is a national priority,” said John Neuffer, SIA president and CEO. “The FABS Act introduced today would incentivize semiconductor companies to manufacture and design more of the chips our country needs on U.S. shores, spurring private investments and creating American jobs. We strongly support enactment of the House bill and appreciate its inclusion of a credit for both manufacturing and design to help bolster the chip ecosystem in the United States. Coupled with funding the CHIPS Act, enactment of a tax credit for semiconductor manufacturing and design as set forth in the House’s FABS Act are parts of a complementary, holistic strategy, and both are needed to produce robust, predictable, and durable incentives to restore U.S. semiconductor leadership. We applaud all the bill co-sponsors for their leadership on this issue and urge leaders in Congress to swiftly enact the bill and fund the semiconductor manufacturing incentives and research provisions in the CHIPS Act.”