Semiconductor Superiority Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill, the Semiconductor Superiority Act, amends the Internal Revenue Code to clarify how the advanced manufacturing investment credit applies to semiconductor manufacturing facilities located in outer space, specifically in low-Earth orbit. It defines ‘outer space’ and adjusts the rules for determining what qualifies as ‘qualified property’ for credit purposes when that property is used in facilities beyond Earth’s atmosphere. The bill also addresses the launch of property from the United States to these facilities.
Key provisions
- Clarifies the definition of ‘outer space’ to include low-Earth orbit.
- Defines ‘qualified property’ for credit purposes in facilities located in outer space, accounting for transportation and support activities.
- Expands the definition of ‘manufacturing functions’ to include activities like flight control and crew habitation in outer space.
- Modifies the Internal Revenue Code to include property launched from the United States to outer space facilities.
- Specifies that a rocket or launch vehicle used to reach outer space is excluded from qualified property.
Who is affected
- Semiconductor manufacturers
- Investors in semiconductor manufacturing facilities
- The United States government (regarding tax credits)
- Companies involved in space transportation
Notable changes
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Sponsors
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2 on record
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