Intel Bags $7.86B Subsidy Under US CHIPS Act, Eyes US Treasury Department's Investment Tax Credit

Benzinga · 11/26 10:11

Intel Corporation and the Biden-Harris Administration announced today that the U.S. Department of Commerce and Intel have reached agreement on terms to award the company up to $7.86 billion in direct funding for its commercial semiconductor manufacturing projects under the U.S. CHIPS and Science Act. The award will support Intel's previously announced plans to advance critical semiconductor manufacturing and advanced packaging projects at its sites in Arizona, New Mexico, Ohio and Oregon. Intel also plans to claim the U.S. Treasury Department's Investment Tax Credit, which is expected to be up to 25% of qualified investments of more than $100 billion.