The Biden administration has finally finalized TSMC's $6.6 billion factory building subsidy, limiting buybacks for the next five years
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On Friday, local time in the United States, the subsidy program for the U.S. Chip Act, which has been criticized by the chip industry for its slow progress, finally reached the time to make money - the U.S. Department of Commerce announced that it has finally decided to provide up to $6.6 billion in subsidies to TSMC for the construction of a semiconductor factory in Arizona.
[align center] (Source: US Department of Commerce)
In addition to direct subsidies of $6.6 billion, TSMC also receives low interest government loans of up to $5 billion, as well as conditional tax incentives. Officials from the US Department of Commerce revealed that these incentives will be distributed in batches when TSMC reaches its milestone, and at least $1 billion will be given by the end of this year.
US officials emphasized that the final agreement signed between the Biden administration and TSMC "leaves almost no room for the Trump administration to change the terms," and the company can receive money as long as it reaches the milestone. Of course, given that Trump has been criticizing the Chip Act, it cannot be ruled out that he will take action after taking office.
Invest 65 billion US dollars to build three factories
As a background for this subsidy, TSMC Arizona signed a preliminary memorandum of understanding with the US Department of Commerce this year, increasing the scale of investment in building factories in the United States from $40 billion to $65 billion.
Due to labor shortages and delayed subsidies in the United States, the construction progress of TSMC's US factory has been delayed. In fact, TSMC began discussing subsidies with the US government during the Trump administration in 2019, and announced in May 2020 that it would invest $12 billion to build a factory in Phoenix. Later, during Biden's tenure, TSMC promised to build second and third factories.
According to Biden's latest schedule, TSMC's first factory in Phoenix will begin production in 2025 using a 4-nanometer process technology; The second and third factories are expected to be put into operation by 2028 and "before 2030", and are expected to use 2 nanometer and 16A (1.6 nanometer) process technology.
In order to receive this subsidy, TSMC has agreed to abandon stock buybacks within 5 years (with some exceptions) and will share any excess profits with the US government under a "profit sharing agreement".
Confirm subsidies before the election
Although the Biden administration publicly denies that the subsidy process is accelerating due to the upcoming election, they have also made it clear that there will be more similar news in the coming weeks.
In addition to TSMC, the US Department of Commerce has also agreed to provide $6.4 billion in subsidies to Samsung's Texas factory, while Intel and Micron Technology have received $8.5 billion and $6.1 billion in subsidies, respectively. The Biden administration is currently working hard to finalize these agreements before January 20th of next year.
Brainard, Director of the National Economic Commission and Co Chair of the Chip Act Implementation Steering Committee, stated that in the next two months, we will continue to see the Department of Commerce finalize more subsidies.
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