Oregon lawmakers amend CHIPS Act to extend funding timeline and broaden eligibility

In a pivotal meeting of the Oregon House Committee on Economic Development, Small Business, and Trade, lawmakers gathered to discuss significant amendments to the Oregon Chips Act and the introduction of new legislation aimed at bolstering the state's manufacturing sector. The atmosphere was charged with anticipation as representatives outlined plans to repurpose unspent funds from the Oregon Chips Act, originally intended for semiconductor projects.

The proposal, spearheaded by a committee member, seeks to broaden the scope of eligible projects and extend the funding timeline beyond the current deadline of July 1, 2025. This initiative aims to allocate between $20 million and $40 million to support not only semiconductor companies but also a wider array of targeted industries, including metals, machinery, food and beverage, and bioscience. By doing so, lawmakers hope to stimulate economic growth and job creation across Oregon.

One of the key changes discussed was the reduction of the appropriation from $40 million to $15 million in the forthcoming amendment to House Bill 2,322, known as the Fostering Innovation Strength at Home (FISH) bill. This new legislation is designed to be more flexible, allowing for a broader range of manufacturing, research, and development projects. The committee emphasized the importance of adapting to shifting industry needs and federal funding uncertainties, which have raised concerns about the sustainability of investments in the semiconductor sector.

As the meeting progressed, representatives acknowledged previous critiques of the Oregon Chips Act, particularly the heavy reliance on the semiconductor industry. They expressed a commitment to diversifying investments to ensure that smaller companies can thrive and scale operations within the state.

The discussion culminated in a call for questions from committee members, highlighting the collaborative spirit of the meeting. As the session continued, several stakeholders, including local business leaders and entrepreneurs, prepared to testify in support of the proposed changes, signaling a strong community backing for the initiatives aimed at fostering innovation and economic resilience in Oregon.

With the legislative process moving forward, the implications of these discussions could reshape the landscape of Oregon's economy, paving the way for a more inclusive and robust manufacturing sector that meets the challenges of the future.