Schumer says guidance released on investment tax credit for semiconductor manufacturers

U.S. Senate Majority Leader Charles Schumer (D–N.Y.) on Thursday announced the initial guidance for the investment tax credit (ITC) for semiconductor manufacturing is now available.

The U.S. Department of Treasury released the information. Schumer says he fought to include it in the ITC in the final CHIPS and Science Act.

The ITC — in combination with the major U.S. Department of Commerce funding for microchip manufacturing — is critical to the ongoing semiconductor and supply-chain projects in upstate New York, per the senator.

In addition to the ITC guidance released this week, the Commerce and Treasury Departments also released implementation plans for the national security guardrails that Schumer pushed to include in the CHIPS and Science Act. They seek to ensure companies use this federal investment to expand manufacturing in the U.S., “not countries like China,” Schumer’s office said.

The senator explained that the ITC roadmap is the first step to provide “clarity and certainty to get shovels in the ground quicker,” creating good-paying jobs. It is also “ensuring the success” of projects like Micron Technology, Inc. (NASDAQ: MU) in Clay, and others from the Hudson Valley and Capital Region to the Mohawk Valley, North Country, and Western New York.

The release triggers a 60-day comment period to provide feedback on the proposed guidance, Schumer’s office said.