President Joe Biden this week signed into law the CHIPS and Science Act of 2022 at a ceremony on the White House South Lawn.
The legislation aims to bring large-scale semiconductor production to the U.S. to help reduce dependence on foreign-made microprocessors. It also allows businesses to fully deduct research and development expenses in the same year they are incurred.
According to an NMMA statement, “NMMA President Frank Hugelmeyer and Correct Craft CEO Bill Yeargin were invited and partook in the White House signing ceremony, following the recreational boating industry’s role in advocating for this crucial piece of legislation that will invest in domestic semiconductor manufacturing.”
“The CHIPS and Science Act is a reminder of what Washington can achieve when policymakers from both parties come together to tackle our country’s greatest challenges,” NMMA Frank Hugelmeyer said in the statement. “Thanks to President Biden, Secretary of Commerce Gina Raimondo, and more than 300 members of Congress, this legislation will bring home large-scale semiconductor manufacturing, leaving our country and economy less susceptible to volatile global supply chains.”
Additional information about the CHIPS and Science Act of 2022 can be found here.