U.S. President Joe Biden signed Bill H.R. 4346 into law on 9 August 2022, which contains the CHIPS Act of 2022. Among other things, the CHIPS Act provides for the introduction of the Advanced Manufacturing Investment Credit (AMIC). Key points of the AMIC include:

• The AMIC for any taxable year is an amount equal to 25% of the qualified investment in the taxable year with respect to any advance…