U.S. Congress passage of subsidies prompts chip makers to move on projects

FILE PHOTO: Workers work inside the clean room of U.S. semiconductor manufacturer SkyWater Technology Inc where computer chips are made, in Bloomington, Minnesota, U.S., April, 2022 in this handout picture acquired by Reuters on July 19, 2022. SkyWater Technology/Handout via REUTERS

(Reuters) - Major semiconductor makers on Thursday hailed passage in the U.S. Congress of a pot of federal government money for new chip factories in the United States, and said they were moving ahead on various projects that had been stalled awaiting funding.

The “Chips and Science Act” authorizes about $52 billion in government subsidies for U.S. semiconductor production and research, and an investment tax credit for chip plants estimated to be worth $24 billion. Passed by the U.S. Senate on Wednesday and the House of Representatives on Thursday, it was headed to President Joe Biden's desk for signing.