A bill to boost the nation’s semiconductor business passed a key test vote Tuesday after the Biden administration and industry officials urged Congress to approve legislation that will help counter China’s emerging dominance in producing computer chips.
Senate lawmakers voted to begin considering legislation that would provide subsidies and an investment tax credit to U.S. semiconductor manufacturers, which lawmakers say are falling behind global competitors, particularly China.
The Innovation and Competition Act, priced Tuesday at $76 billion, is a pared-down version of a broader bill that would have provided additional money for scientific research and technological innovation aimed at improving U.