Senate Advances Semiconductor Legislation

Reacting to a semiconductor shortage that has plagued the marine industry and other business sectors, the U.S. Senate this week advanced legislation that would provide billions of dollars in subsidies and tax credits to U.S. chip manufacturers. The legislation aims to bolster domestic chip production to make U.S. manufacturers less reliant on foreign-made semiconductors.

Reuters reports that the “measure includes about $54 billion in subsidies for U.S. semiconductor companies, as well as a new, four-year, 25 percent tax credit to encourage companies to build plants in the United States. The tax credit is estimated to be worth about $24 billion.”

In a 64-34 procedural vote, the path is now cleared for the full Senate and House of Representatives to vote on the legislation by the end of next week.

“We applaud the U.S. Senate for acting in a bipartisan manner to advance a measure bolstering domestic production of semiconductors — an essential component of every motorized recreational boat,” Frank Hugelmeyer, president of the National Marine Manufacturers Association, said in a statement.