The historic CHIPS Act — Creating Helpful Incentives to Produce Semiconductors — will not only help New Albany, the Columbus Region and Ohio, it will help to create “a new epicenter for advanced chipmaking in the U.S. that will bolster Intel’s domestic lab-to-fab pipeline and strengthen Ohio’s leadership in research and high tech,” noted Intel CEO Pat Gelsinger. The law provides $52.7 billion in aid to the semiconductor industry to research, design and manufacture semiconductors and help with workforce training as well as a 25% tax credit for capital expenses for making semiconductors.

“We are thrilled to see funding for the CHIPS Act enacted into law. Intel is committed to restoring end-to-end leadership, innovation and manufacturing here in the U.S,” said Gelsinger. “These factories will create a new epicenter for advanced chipmaking in the U.S. that will bolster Intel’s domestic lab-to-fab pipeline and strengthen Ohio’s leadership in research and high tech.”

The Silicon Valley company has said its investment in New Albany could eventually reach $100 billion and could include eight factories, making it one of the largest semiconductor sites in the world. The first two plants in are expected to start producing chips in 2025.