The US Senate on Tuesday voted to move ahead with a slimmed-down version of legislation to provide billions of dollars in subsidies and tax credits for the semiconductor industry, hoping to ease a shortage that has disrupted production in industries from automobiles to electronics and high-tech weapons, reports Reuters.
The Senate backed by 64 to 34 a procedural measure setting the stage for potential votes to pass the legislation in the Senate and House of Representatives by the end of next week.
The final text was not released before the procedural vote, but Senate aides said the measure includes about $54 billion in subsidies for US 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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