When President Joe Biden signed the CHIPS and Science Act into law in 2022, it put $52 billion in tax credits and Funding on the table to help bolster the semiconductor industry in the US, with $39 billion specifically earmarked for semiconductor manufacturing incentives. Now, we're starting to see how that initiative is going to play out: The Biden Administration has officially launched the first CHIPS for America funding opportunity, laying out the application process for "projects to construct, expand or modernize commercial facilities for the production of leading-edge, current-generation and mature-node semiconductors."

The program also includes strict guardrails for how funding is used. Applicants who are awarded CHIPS funding will be prohibited from using the payments for stock buybacks or to pay out dividends, and payments will be tied to meeting specific milestones. It'll be awhile before the first recipients of CHIPS funding are announced, but hopeful projects can begin submitting applications on March 31, 2023. Want all the details? Check out the full CHIPS for America announcement right here.

This article originally appeared on Engadget at https://www.engadget.com/the-white-houses-39-billion-chip-making-giveaway-starts-today-210717470.html?src=rss