Summary of Bill HR 802
Bill 119 HR 802, also known as the "Semiconductor Design Investment Credit Act," aims to make changes to the Internal Revenue Code of 1986. Specifically, this bill seeks to include qualified semiconductor design expenditures as eligible for the advanced manufacturing investment credit.
The advanced manufacturing investment credit is a tax credit designed to incentivize businesses to invest in advanced manufacturing technologies and processes. By adding qualified semiconductor design expenditures to this credit, the bill aims to encourage companies to invest in the design and development of semiconductor products.
Semiconductors are a crucial component of many electronic devices, from smartphones to computers to medical equipment. By supporting the design and development of semiconductor products, this bill aims to promote innovation and competitiveness in the semiconductor industry.
Overall, Bill 119 HR 802 seeks to support the semiconductor industry by providing tax incentives for companies to invest in semiconductor design expenditures. This could lead to increased innovation, job creation, and economic growth in the advanced manufacturing sector.