The US House of Representatives passed sweeping legislation on Thursday to subsidize the domestic semiconductor industry as it competes with Chinese and other foreign manufacturers, sending the bill to the White House for President Joe Biden to sign into law.

Here are some highlights of the current version of the 1,054-page, “CHIPS Act of 2022,” which also includes funding authorizations for the National Science Foundation and the Department of Energy’s Office of Science.

The first version of the bill passed the Senate more than a year ago but stalled in the House of Representatives.

(Text: Reuters)