As soon as the CHIPS and Science Act passed Congress, companies of all sizes began asking questions about how best to prepare to compete for the lucrative federal assistance grants and loan opportunities referenced within the law.
While semiconductor manufacturers, local governments, and economic development entities await the guidance, rules, and application format for these incentives from the U.S. Department of Commerce, there are steps that companies can begin taking to shape their project to be competitive toward the national effort to bolster the U.S. semiconductor ecosystem and provide for a skilled workforce necessary to drive innovation for the next generation.
Below are just a few of the questions that a company can begin to consider as it prepares to compete for CHIPS and Science Act manufacturing assistance.
- What type of project is the applicant seeking funding for? Expansion, new facility, additional equipment, new tooling.
- What types and how many additional jobs will be created as part of the project? Be sure to identify the levels of training and the degrees/certifications required for each position.
- What is the company's 5- to 10-year hiring plan?
- Describe the recruiting plan generally and specify the outreach and efforts that will be taken by the company to ensure historically underrepresented populations are included in the workforce?
- What training will be provided for workers to gain the necessary skills to meet the company's project objective(s)?
- What state and local incentives are being pursued or have been secured as a portion of the overall project financing objective?
- How will federal dollars be used to leverage and secure private funding?
- How will the new 25% investment tax credit factor into the financing plan of the project?
The answer to these questions will typically be supported by significant details that can be of critical importance in applying for incentives, and the design of each project will have dozens of related considerations that should be thoughtfully expressed to be truly competitive in the eyes of federal officials.
Calfee is preparing community partners and clients to fiercely compete for state and federal incentives as part of the regional effort to make "Silicon Heartland" the most innovative manufacturing region in the nation. Our team is committed to supporting business in Ohio by working with both existing companies in the State and new entrants to the Ohio market. Contact us to discuss how we can help you prepare for the CHIPS and Science Act funding application process and assist with submitting your application once it is made available.
Engage a Law Firm That Understands the Intersectionality of Corporate Legal and Compliance Issues
The attorneys at Calfee, Halter & Griswold represent numerous clients in the technology sector in multiple practice areas, including Corporate and Finance, Intellectual Property (including patent prosecution, patent portfolio management, and IP litigation), Government Relations, Labor and Employment, Employee Benefits and Executive Compensation, Litigation, and Insurance Coverage, among other areas. Our Washington, D.C. office includes a Federal Government Relations practice well-versed in relevant initiatives such as the CHIPS and Science Act. With offices spanning the state of Ohio and Washington, D.C., we collaborate closely with our clients and with our partners across our practice areas to ensure that we identify and deliver the most efficient and strategic legal solutions available. We look forward to working with tech companies expanding or opening operations in the Buckeye State, as well as the companies providing services that support tech growth in Ohio.
Calfee Connections blogs, vlogs, and other educational content are intended to inform and educate readers about legal developments and are not intended as legal advice for any specific individual or specific situation. Please consult with your attorney regarding any legal questions you may have. With regard to all content including case studies or descriptions, past outcomes do not predict future results. The opinions expressed may not necessarily reflect the viewpoints of all attorneys and professionals of Calfee, Halter & Griswold LLP or its subsidiary, Calfee Strategic Solutions, LLC.
Non-legal business services are provided by Calfee Strategic Solutions, LLC, a wholly owned subsidiary of Calfee, Halter & Griswold. Calfee Strategic Solutions is not a law firm and does not provide legal services to clients. Although many of the professionals in Calfee’s Government Relations and Legislation group and Investment Management group are attorneys, the non-licensed professionals in this group are not authorized to engage in the practice of law. Accordingly, our non-licensed professionals’ advice should not be regarded as legal advice, and their services should not be considered the practice of law.
Updates related to all government assistance/incentive programs are provided with the most current information made available to Calfee at the time of publication. Clarifications and further guidance may be disseminated by government authorities on an ongoing basis. All information should be reaffirmed prior to the submission of any application and/or program participation.
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