On the latest episode of Calfee NOW, Raymond Tarasuck, Senior Counsel with the firm's Government Relations and Legislation practice, and Michael Bowen, Associate Attorney with the firm's Government Relations and Legislation practice group, spoke with Ohio State Representative Sean Brennan.
Earlier this spring, the Department of Treasury published proposed rules with respect to the advanced manufacturing investment credit established under the CHIPS and Science Act. While these are just proposed rules surrounding the potential tax credit and are not yet set in stone, companies and manufacturers may already have questions about whether they stand to benefit.
For companies that wish to receive manufacturing incentives in connection with the CHIPS and Science Act, the newly created CHIPS Program Office (CPO) at the U.S. Department of Commerce will begin accepting applications this spring.
Transactions between private companies (and in some contexts where public companies are involved as well) very often include an “adjustment” to the purchase price paid by the buyer of the business. While the components of a purchase price adjustment can take many forms depending on the deal structure and the valuation method that the parties have agreed upon, the general goal of such adjustments is to ensure that the purchase price for the deal reflects the target company’s financial condition at closing.
The latest episode of Calfee NOW features a conversation between Congressman Mike Carey (R-OH, 15th District) and Calfee Government Relations and Legislation group members Dan Reinhard, Jamie Gregory, and Nick Bush.
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.
With billions of dollars in financial assistance available under the CHIPS and Science Act (CSA), companies should ensure they have a working understanding of the CSA, which is viewed as the catalyst for Intel’s decision to build multiple semiconductor fabrication plants northeast of Columbus, Ohio.
Semiconductor chip manufacturer Intel Corporation has announced plans for a massive expansion into Ohio, intending to make an initial investment of more than $20 billion in the construction of two new leading-edge chip factories near Columbus. This investment (and recent federal legislation such as the CHIPS and Science Act, which provides over $50 billion in federal incentive funding and tax credits to help the American semiconductor industry reshore manufacturing and invest in the next generation of technology) represents an exceptional opportunity for Ohio residents and companies, though there may be some unique challenges tech companies could face when starting or growing operations in the Buckeye State.
On the latest episode of Calfee NOW, Leah Pappas Porner, Chair of the firm's Government Relations and Legislation practice, and Michael Bowen, Associate Attorney with the firm's Government Relations and Legislation practice group, spoke with Ohio State Representative-Elect Steve Demetriou.
Thanks to the passage of the CHIPS and Science Act, aimed at encouraging more investment in the tech sector to help produce more semiconductor chips here in the U.S., companies large and small are considering how to invest in the next generation of semiconductor manufacturing and considering lucrative federal incentives as a catalyst to this growth.
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.
- Calfee NOW: Ohio State Representative Sean Brennan
- Tax Credits Under the CHIPS and Science Act: Proposed Rules Rollout
- The Time Is Now: U.S. Dept. of Commerce Accepting Applications for CHIPS Act Incentives
- A Primer on Purchase Price Adjustments – Middle Market Deal Corner
- Calfee NOW: Congressman Mike Carey
- The Race to Secure CHIPS and Science Act Incentives: Are You Ready?
- A Variety Pack – Understanding The Creating Helpful Incentives to Produce Semiconductors and Science Act of 2022
- How Tech Companies May Mitigate Risk When Expanding Operations in Ohio
- Calfee NOW: Ohio State Representative-Elect Steve Demetriou
- Tips for Tech Companies Hoping to Expand in Ohio Under the CHIPS Act