Biden touts chips law at Intel groundbreaking event in Ohio

DPANew York"America is back” and will lead the way in manufacturing semiconductor chips for defense technologies and a wide range of critical goods from cars to cell phones, President Joe Biden declared Friday at a groundbreaking for the new Intel Corp.semiconductor complex in Ohio. The president is taking partial credit for helping to push bipartisan legislation through Congress to incentivize domestic semiconductor manufacturing and spur science and technology research and development.Congress cleared the "chips and science” bill in July and Biden signed it Aug. 9. The law provides $53 billion for semiconductor manufacturing and design grants and $24 billion to create a 25% tax credit for new semiconductor manufacturing facilities, both of which will help Intel fund construction of its complex in Licking County, just outside of Columbus."The future of the chip industry is going to be made in America,” Biden said at the groundbreaking ceremony. "Folks at home should know the manufacturing of these semiconductors connects countless small businesses and manufacturers into a supply chain that’s going to thrive all because of this law.” Intel has announced an initial $20 billion investment to build at least two "fabs” where chips are manufactured at the new complex. "We would not be here without our political leaders. We would not be here without the president and his leadership,” Intel CEO Pat Gelsinger said at the ceremony, where he introduced Biden. "And of course it was a bipartisan bill. How often do you hear that today?” Jobs and guardrails Intel’s $20 billion investment will provide for 7,000 construction jobs and later 3,000 full-time chip production jobs, the White House said.