Biden to require chips companies winning subsidies to share excess profits
WASHINGTON, Feb 28 (Reuters) - The Biden administration on Tuesday said it will require companies winning funds from its $52-billion U.S. semiconductor manufacturing and research program to share excess profits and explain how they plan to provide affordable childcare. The Commerce Department on Tuesday released its plans to begin accepting applications in late June for a $39-billion manufacturing subsidy program. The law also creates a 25% investment tax credit for building chip plants, estimated to be worth $24 billion. Republican House Science Committee Chair Frank Lucas criticized the childcare and revenue-sharing provisions, saying they exceed authority granted by Congress. He says Commerce is "focusing less on the urgent need for chip production and more on attempting to impose their labor agenda on this critical industry." Companies winning funding are also prohibited from using chips funds for dividends or stock buybacks, and must provide details of any plans to...