This week, President Biden signed the CHIPS and Science Act of 2022 into law in a ceremony at the White House South Lawn, alongside Secretary of Commerce Gina Raimondo, and U.S. Trade Representative Katherine Tai.
NMMA President Frank Hugelmeyer and Correct Craft CEO Bill Yeargin were invited and partook in the White House signing ceremony, following the recreational boating industry’s role in advocating for this crucial piece of legislation that will invest in domestic semiconductor manufacturing.
“The CHIPS and Science Act is a reminder of what Washington can achieve when policymakers from both parties come together to tackle our country’s greatest challenges,” said Frank Hugelmeyer, president of NMMA. “Thanks to President Biden, Secretary of Commerce Gina Raimondo, and more than 300 members of Congress, this legislation will bring home largescale semiconductor manufacturing, leaving our country and economy less susceptible to volatile global supply chains.
“With marine manufacturers innovating on all fronts to deliver more advanced, efficient, and safer products, this bill will help ensure our industry’s growing demand for semiconductors is met. In the days ahead, we look forward to working with the administration and Congress on additional measures to bolster competitiveness and supply chain constraints, including reinstating the exclusion process for Section 301 tariffs and allowing businesses to fully deduct their research and development expenses in the same year they are incurred.”