U.S. issuing new childcare guidance for semiconductor chips subsidy program

FILE PHOTO: U.S. President Joe Biden and Commerce Secretary Gina Raimondo (not pictured) hold a virtual meeting with business leaders and state governors to discuss supply chain problems, particularly addressing semiconductor chips, on the White House campus in Washington, U.S., March 9, 2022. REUTERS/Jonathan Ernst/File Photo

WASHINGTON (Reuters) -The Biden administration on Monday will release new guidance for its $52 billion U.S. semiconductor manufacturing and research program detailing how companies seeking major awards must provide affordable high-quality childcare.

The Commerce Department 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.