The final rules have been announced for the Advanced Manufacturing Investment Credit (CHIPS ITC) under the CHIPS and Science Act, which provides a 25% credit for qualified property in eligible facilities.
Announced by the US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS), the rules support President Biden’s agenda to usher in a new era of semiconductor manufacturing in the US.
Finalised rules state that the ITC is typically 25% of the cost of qualified property in an eligible taxpayer’s advanced manufacturing facility, as long as the property is put into use after 31st December 2022 and the construction started after the CHIPS and Science Act was passed on 9th August 2022.
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