On 27 July 2022, the U.S. Senate approved the CHIPS and Science Act of 2022 with a vote of 64 to 33, which now goes to the House of Representatives where approval is also expected. Among other things, the legislation provides for the introduction of a 25% investment tax credit for investments in semiconductor manufacturing, as well as manufacturing of the specialized tooling equipment required in the semiconductor manufacturing process. The credit will apply for property that is placed in service after 31 December 2022 and for which construction begins before 1 January 2027. Click the following link for further...