Senate Advances , Massive Bill to Bolster , the Semiconductor Industry.<br />'The Independent' reports that the United States <br />Senate approved a $280 billion deal meant <br />to boost the U.S. semiconductor industry.<br />The massive bill is also designed <br />to accelerate high tech research perceived <br />as critical for future economic prosperity.<br />According to 'The Independent,' the bill is now <br />headed for final passage by the Senate <br />and the House in the near future.<br />Industry leaders have pushed for the bill, citing <br />stiff competition from other nations spending <br />billions of dollars on attracting manufacturers.<br />According to those industry leaders, <br />the pandemic has shined a spotlight on the , dangers of relying on foreign-made computer chips.<br />The bill would provide the <br />semiconductor industry with about <br />$52 billion in grants and other incentives.<br />It would also provide a 25% <br />tax credit for those companies<br />to build chip plants in the U.S.<br />According to 'The Independent,' tax breaks <br />included in the bill are projected to equal <br />about $24 billion over the next decade.<br />The bill would also allocate approximately <br />$200 billion for scientific research <br />over the same ten-year period. .<br />Critics have questioned the timing of the bill, which would increase deficits by about $79 billion, amid record inflation and fears of a global recession.<br />However, lawmakers in both parties claim the investment <br />is critical for the U.S. to stay ahead of economic <br />powerhouses like China in the coming decades
