After months of delay, the CHIPS Act of 2022 (“CHIPS”) finally cleared both houses of Congress last week, as part of larger legislation focused on supporting many aspects of science and innovation.
CHIPS, short for “creating helpful incentives to produce semiconductors,” is intended to provide billions of dollars in financial incentives for companies to develop domestic semiconductor manufacturing capability encompassing infrastructure, workforce, and research and development (“R&D”).
With microchips being a necessary component of many consumer products, such as computers, phones, appliances, cars, etc., as well as critical to military and aerospace applications that overlap with areas of National Security, CHIPS represents a philosophical shift from the laissez-faire approach that limited government involvement in the microchip industry over the last several decades. Ideally, CHIPS will usher in a return to prominence of semiconductor chip manufacturing and R&D in the U.S., creating new jobs and industries for years to come, while weakening what has been perceived as a growing reliance on foreign companies for America’s supply of microchips.
Nowhere is this more evident than with Intel Corporation’s recent decision to build a large-scale, next-generation semiconductor fabrication facility in Central Ohio. CHIPS should further incentivize Intel’s investment in the Midwest, as opposed to overseas, with positive economic consequences likely to be felt throughout the region.
As a leading provider of legal services in Ohio, Calfee, Halter & Griswold LLP looks forward to leveraging its strengths in intellectual property, litigation, corporate, government relations, and other areas to assist our current clients and partner with new clients in response to the opportunities presented by CHIPS.
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 Act. With offices across 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.
Learn more about Calfee's commitment to supporting businesses in Ohio here: https://www.calfee.com/calfee-supports-businesses-ohio, or contact Billy Raulerson, the author of this blog post, for more information on the CHIPS and Science Act.
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