The Internal Revenue Service is soliciting public comments on proposed regulations to guide the implementation of the advanced manufacturing investment credit authorized by the CHIPS and Science Act of 2022.
IRS said Tuesday it has defined eligibility requirements for qualified properties and advanced manufacturing facilities and provided information on how to claim the 25 percent investment tax credit for purposes outlined in the legislation.
According to the rule, facilities are eligible to receive the credit if their primary purpose is the manufacturing of semiconductors or semiconductor manufacturing equipment.
Research or storage facilities used in connection with the manufacturing of semiconductors and equipment can also qualify for incentives.
The CHIPS Act established the credit program to boost the production of semiconductors in the U.S.