Companies eligible for the credits could include chipmakers such as Intel, Taiwan Semiconductor Manufacturing Company and Micron Technology, provided that they expand their advanced manufacturing in the U.S. ahead of a 2026 deadline.
The new provisions expand on tax incentives under the 2022 CHIPS and Science Act, which provided grants of $39 billion and loans of $75 billion for U.S.-based semiconductor manufacturing projects.
But before the expanded credits come into play, Trump's sweeping domestic policy package will have to be passed again in the House, which narrowly passed its own version last month. The president has urged lawmakers to get the bill passed by July 4.