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Treasury Department Releases Regulations Implementing the SWACCA-Supported CHIPS Act Advanced Manufacturing Tax Credit

This afternoon, the U.S. Treasury Department released proposed regulations implementing the SWACCA-supported CHIPS Act Advanced Manufacturing Investment Credit to incentivize the domestic manufacture of semiconductors and semiconductor manufacturing equipment by providing a tax credit or reduction in tax liability equal to 25% of an eligible taxpayer’s qualified investment in an advanced manufacturing facility, including the basis in any qualified property placed in service during the taxable year that is in integral to the operation of the advanced manufacturing facility.

The proposed regulations, which will publish in the Federal Register on Thursday, March 23, 2023, address eligibility requirements, including defining what constitutes an eligible taxpayer, qualified property, and an advanced manufacturing facility, as well as information on how to claim the credit.

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