White House finalizes TSMC’s mega-billions CHIPS Act grant

Article originally posted on Phoenix Business Journal on November 15, 2024

The White House has finalized an agreement to award a $6.6 billion CHIPS Act grant to Taiwan Semiconductor Manufacturing Co. and plans to disburse $1 billion to the chipmaker by the end of the year to support its Arizona factory site.

The U.S. Department of Commerce on Friday said the award to TSMC Arizona is based on the company’s completion of project milestones for its $65 billion site under construction in north Phoenix.

In April, the Department of Commerce entered into a nonbinding preliminary agreement with TSMC (NYSE: TSM) for a CHIPS Act award package that consists of the $6.6 billion grant and a $5 billion loan, along with a tax credit for a portion of the company’s capital expenditures that could bring the total federal commitment to more than $27 billion, the Business Journal previously reported.

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