(i) for fiscal year 2022, $24,000,000,000, to remain available until expended, of which $19,000,000,000 shall be for section 9902 of Public Law 116–283, $2,000,000,000 shall be for subsection (c) of section 9906 of Public Law 116–283, $2,500,000,000 shall be for subsection (d) of section 9906 of Public Law 116–283, and $500,000,000 shall be for subsections (e) and (f) of section 9906 of Public Law 116–283;

(ii) for fiscal year 2023, $7,000,000,000 to remain available until expended, of which $5,000,000,000 shall be for section 9902 of Public Law 116–283 and $2,000,000,000 shall be for subsections (c), (d), (e), and (f) of section 9906 of Public Law 116–283;

(iii) for fiscal year 2024, $6,300,000,000, to remain available until expended, of which $5,000,000,000 shall be for section 9902 of Public Law 116–283 and $1,300,000,000 shall be for subsections (c), (d), (e), and (f) of section 9906 of Public Law 116–283;

(iv) for fiscal year 2025, $6,100,000,000, to remain available until expended, of which $5,000,000,000 shall be for section 9902 of Public Law 116–283 and $1,100,000,000 shall be for subsections (c), (d), (e), and (f) of section 9906 of Public Law 116–283; and

(v) for fiscal year 2026, $6,600,000,000, to remain available until expended, of which $5,000,000,000 shall be for section 9902 of Public Law 116– 283 and $1,600,000,000 shall be for subsections (c), (d), (e), and (f) of section 9906 of Public Law 116–283.

(i) up to $6,000,000,000 of the amounts made available for fiscal year 2022 for section 9902 of Public Law 116–283 for the cost of direct loans and loan guarantees, as authorized by section 9902 of Public Law 116–283, provided that—

(ii) up to 2 percent of the amounts made available in each fiscal year for salaries and expenses, administration, and oversight purposes to carry out sections 9902 and 9906 of Public Law 116–283, of which $5,000,000 in each of fiscal years 2022 through 2026 shall be transferred to the Office of Inspector General of the Department of Commerce to oversee expenditures from the Fund; and

(iii) up to $2,300,000 of the amounts made available in fiscal year 2022 to carry out section 9904 of Public Law 116–283.

(i) for fiscal years 2022 and 2023, not later than 60 days after the date of enactment of this Act; and

(ii) for each subsequent fiscal year through 2026, as part of the annual budget submission of the President under section 1105(a) of title 31, United States Code.

(i) IN GENERAL.—The Committees on Appropriations of the House of Representatives and the Senate may provide for alternate allocation of amounts made available under subsection (a)(2), including by account, program, and project.

(ii) ALLOCATION BY PRESIDENT.—

(i) for fiscal year 2023, not later than 60 days after the date of enactment of this Act; and

(ii) for each subsequent fiscal year through 2027, as part of the annual budget submission of the President under section 1105(a) of title 31, United States Code.

(i) IN GENERAL.—The Committees on Appropriations of the House of Representatives and the Senate may provide for alternate allocation of amounts made available under subsection (b)(2), including by account, program element, and project.

(ii) ALLOCATION BY PRESIDENT.—

(i) for fiscal year 2023, $100,000,000, to remain available until September 30, 2027;

(ii) for fiscal year 2024, $100,000,000, to remain available until September 30, 2028;

(iii) for fiscal year 2025, $100,000,000, to remain available until September 30, 2029;

(iv) for fiscal year 2026, $100,000,000, to remain available until September 30, 2030; and

(v) for fiscal year 2027, $100,000,000, to remain available until September 30, 2031.

(i) for fiscal year 2023, not later than 90 days after the date of enactment of this Act; and

(ii) for each subsequent fiscal year through 2027, as part of the annual budget submission of the President under section 1105(a) of title 31, United States Code.

(i) IN GENERAL.—The Committees on Appropriations of the House of Representatives and the Senate may provide for alternate allocation of amounts made available under subsection (c)(2), including by account, program, project, and activity.

(ii) ALLOCATION BY PRESIDENT.—

(i) for fiscal year 2023, not later than 60 days after the date of enactment of this Act; and

(ii) for each subsequent fiscal year through 2027, as part of the annual budget submission of the President under section 1105(a) of title 31, United States Code.

(i) IN GENERAL.—The Committees on Appropriations of the House of Representatives and the Senate may provide for alternate allocation of amounts made available under paragraph (2), including by account, program, and project.

(ii) ALLOCATION BY PRESIDENT.—

“(A) means an industry, industry group, or a set of related industries or related industry groups—

“(B) may include any other manufacturing industry designated by the Secretary based on the relevance of the manufacturing industry to the national and economic security of the United States, including the impacts of job losses.”; and

“(A) a country that is a covered nation (as defined in section 4872(d) of title 10 United States Code); and

“(B) any country that the Secretary, in consultation with the Secretary of Defense, the Secretary of State, and the Director of National Intelligence, determines to be engaged in conduct that is detrimental to the national security or foreign policy of the United States.”; and

(i) in subclause (III), by striking “and” at the end;

(ii) in subclause (IV), by striking the period at the end and inserting a semicolon; and

(iii) by adding at the end the following:

“(iii) with respect to the project described in clause (i), the covered entity has an executable plan to identify and mitigate relevant semiconductor supply chain security risks, such as risks associated with access, availability, confidentiality, integrity, and a lack of geographic diversification in the covered entity’s supply chain; and

“(iv) with respect to any project for the production, assembly, or packaging of semiconductors, the covered entity has implemented policies and procedures to combat cloning, counterfeiting, and relabeling of semiconductors, as applicable.”;

(i) in clause (i)—

(ii) in clause (ii)(IV), by striking “and” at the end;

(iii) by redesignating clause (iii) as clause (v); and

(iv) by inserting after clause (ii) the following:

“(D) PRIORITY.—In awarding Federal financial assistance to covered entities under this subsection, the Secretary shall—

“(A) DEFINITION OF LEGACY SEMICONDUCTOR.—

“(B) DEFINITION OF SEMICONDUCTOR MANUFACTURING.—In this paragraph, the term ‘semiconductor manufacturing’—

“(C) REQUIRED AGREEMENT.—

“(D) NOTIFICATION REQUIREMENTS.—During the applicable term of the agreement of a covered entity required under subparagraph (C)(i), the covered entity shall notify the Secretary of any planned significant transactions of the covered entity involving the material expansion of semiconductor manufacturing capacity in the People’s Republic of China or any other foreign country of concern.

“(E) VIOLATION OF AGREEMENT.—

“(F) SUBMISSION OF RECORDS.—

“(G) CONFIDENTIALITY OF RECORDS.—

“(H) CONGRESSIONAL NOTIFICATION.—Not later than 60 days after the date on which the Secretary finds a violation by a covered entity of an agreement required under subparagraph (C)(i), and after providing the covered entity with an opportunity to provide information in response to that finding, the Secretary shall provide to the appropriate Committees of Congress—

“(I) REGULATIONS.—The Secretary may issue regulations implementing this paragraph.”; and

“(1) strengthens the security and resilience of the semiconductor supply chain, including by mitigating gaps and vulnerabilities;

“(2) provides a supply of secure semiconductors relevant for national security;

“(3) strengthens the leadership of the United States in semiconductor technology;

“(4) grows the economy of the United States and supports job creation in the United States;

“(5) bolsters the semiconductor and skilled technical workforces in the United States;

“(6) promotes the inclusion of economically disadvantaged individuals and small businesses; and

“(7) improves the resiliency of the semiconductor supply chains of critical manufacturing industries.

“(1) IN GENERAL.—The Secretary shall establish within the program established under subsection (a) an additional program that provides Federal financial assistance to covered entities to incentivize investment in facilities and equipment in the United States for the fabrication, assembly, testing, or packaging of semiconductors at mature technology nodes.

“(2) ELIGIBILITY AND REQUIREMENTS.—In order for an entity to qualify to receive Federal financial assistance under this subsection, the covered entity shall agree to—

“(3) PROCEDURES.—In granting Federal financial assistance to covered entities under this subsection, the Secretary may use the procedures established under subsection (a).

“(4) CONSIDERATIONS.—In addition to the considerations described in subsection (a)(2)(C), in granting Federal financial assistance under this subsection, the Secretary may consider whether a covered entity produces or supplies equipment or materials used in the fabrication, assembly, testing, or packaging of semiconductors at mature technology nodes that are necessary to support a critical manufacturing industry.

“(5) PRIORITY.—In awarding Federal financial assistance to covered entities under this subsection, the Secretary shall give priority to covered entities that support the resiliency of semiconductor supply chains for critical manufacturing industries in the United States.

“(6) AUTHORIZATION OF APPROPRIATIONS.—There are authorized to be appropriated to the Secretary to carry out this subsection $2,000,000,000, which shall remain available until expended.

“(1) IN GENERAL.—Subject to the requirements of subsection (a) and this subsection, the Secretary may make or guarantee loans to covered entities as financial assistance under this section.

“(2) CONDITIONS.—The Secretary may select eligible projects to receive loans or loan guarantees under this subsection if the Secretary determines that—

“(3) REASONABLE PROSPECT OF REPAYMENT.—The Secretary shall base a determination of whether there is a reasonable prospect of repayment of the principal and interest on a loan under paragraph (2)(A)(i) on a comprehensive evaluation of whether the covered entity has a reasonable prospect of repaying the principal and interest, including, as applicable, an evaluation of—

“(4) RATES, TERMS, AND REPAYMENTS OF LOANS.—A loan provided under this subsection—

“(5) ADDITIONAL TERMS.—A loan or guarantee provided under this subsection may include any other terms and conditions that the Secretary determines to be appropriate.

“(6) RESPONSIBLE LENDER.—No loan may be guaranteed under this subsection, unless the Secretary determines that—

“(7) ADVANCED BUDGET AUTHORITY.—New loans may not be obligated and new loan guarantees may not be committed to under this subsection, unless appropriations of budget authority to cover the costs of such loans and loan guarantees are made in advance in accordance with section 504(b) of the Federal Credit Reform Act of 1990 (2 U.S.C. 661c(b)).

“(8) CONTINUED OVERSIGHT.—The loan agreement for a loan guaranteed under this subsection shall provide that no provision of the loan agreement may be amended of waived without the consent of the Secretary.

“(1) whether the eligibility requirements for covered entities receiving financial assistance under the program are met;

“(2) whether eligible entities use the financial assistance received under the program in accordance with the requirements of this section;

“(3) whether the covered entities receiving financial assistance under this program have carried out the commitments made to worker and community investment under subsection (a)(2)(B)(ii)(II) by the target date for completion set by the Secretary under subsection (a)(5)(A);

“(4) whether the required agreement entered into by covered entities and the Secretary under subsection (a)(6)(C)(i), including the notification process, has been carried out to provide covered entities sufficient guidance about a violation of the required agreement;

“(5) whether the Secretary has provided timely Congressional notification about violations of the required agreement under subsection (a)(6)(C)(i), including the required information on how the Secretary reached a determination of whether a covered entity was in violation under subsection (a)(6)(E); and

“(6) whether the Secretary has sufficiently reviewed any covered entity engaging in a listed exception under subsection (a)(6)(C)(ii).

(i) by inserting “and grow the domestic semiconductor workforce” after “prototyping of advanced semiconductor technology”; and

(ii) by adding at the end the following: “The Secretary may make financial assistance awards, including construction awards, in support of the national semiconductor technology center.”; and

(i) in subparagraph (B), by inserting “and capitalize” before “an investment fund”; and

(ii) by striking subparagraph (C) and inserting the following:

(i) by striking “a Manufacturing USA Institute” and inserting “not more than 3 Manufacturing USA Institutes”;

(ii) by striking “is focused on semiconductor manufacturing.” and inserting “are focused on semiconductor manufacturing. The Secretary of Commerce may award financial assistance to any Manufacturing USA Institute for work relating to semiconductor manufacturing.”; and

(iii) by striking “Such institute may emphasize” and inserting “Such institutes may emphasize”; and

(i) in clause (i), by striking “; and” and inserting a semicolon; and

(ii) by adding at the end the following:

(i) in clause (iii), by striking “; and” and inserting a semicolon; and

(ii) by inserting after clause (iv) the following:

“(i) semiconductor industry data regarding businesses that are—

“(ii) the number and amount of contracts and subcontracts awarded by each covered entity using funds made available under subsection (a) disaggregated by recipients of each such contract or subcontracts that are majority owned and controlled by minority individuals and majority owned and controlled by women; and

“(iii) aggregated workforce data, including data by race or ethnicity, sex, and job categories.”.

(i) NO ALTERNATE ALLOCATIONS.—If Congress has not enacted legislation establishing alternate allocations, including by account, program, and project, by the date on which the Act making full-year appropriations for the Departments of Commerce and Justice, Science, and Related Agencies for the applicable fiscal year is enacted into law, only then shall amounts recommended for allocation for that fiscal year from amounts made available under subsection (a) be allocated by the President or apportioned or allotted by account, program, and project pursuant to title 31, United States Code.

(ii) INSUFFICIENT ALTERNATE ALLOCATION.—If Congress enacts legislation establishing alternate allocations, including by account, program, and project, for amounts recommended for allocation in a given fiscal year from amounts made available under subsection (a) that are less than the full amount recommended for allocation for that fiscal year, the difference between the amount recommended for allocation and the alternate allocation shall be allocated by the President and apportioned and allotted by account, program, and project pursuant to title 31, United States Code.

“(A) IN GENERAL.—If there is a an applicable transaction by an applicable taxpayer before the close of the 10-year period beginning on the date such taxpayer placed in service investment credit property which is eligible for the advanced manufacturing investment credit under section 48D(a), then the tax under this chapter for the taxable year in which such transaction occurs shall be increased by 100 percent of the aggregate decrease in the credits allowed under section 38 for all prior taxable years which would have resulted solely from reducing to zero any credit determined under section 46 which is attributable to the advanced manufacturing investment credit under section 48D(a) with respect to such property.

“(B) EXCEPTION.—Subparagraph (A) shall not apply if the applicable taxpayer demonstrates to the satisfaction of the Secretary that the applicable transaction has been ceased or abandoned within 45 days of a determination and notice by the Secretary.

“(C) REGULATIONS AND GUIDANCE.—The Secretary shall issue such regulations or other guidance as the Secretary determines necessary or appropriate to carry out the purposes of this paragraph, including regulations or other guidance which provide for requirements for recordkeeping or information reporting for purposes of administering the requirements of this paragraph.”.

“(i) IN GENERAL.—The term ‘applicable transaction’ means, with respect to any applicable taxpayer, any significant transaction (as determined by the Secretary, in coordination with the Secretary of Commerce and the Secretary of Defense) involving the material expansion of semiconductor manufacturing capacity of such applicable taxpayer in the People’s Republic of China or a foreign country of concern (as defined in section 9901(7) of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021).

“(ii) EXCEPTION.—Such term shall not include a transaction which primarily involves the expansion of manufacturing capacity for legacy semiconductors (as defined in section 9902(a)(6) of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021).

(i) by inserting “, or any applicable transaction to which paragraph (3)(A) applies” after “paragraphs (1) and (2)”, and

(ii) by inserting “or applicable transaction” after “such cessation”.

“(vi) the basis of any qualified property (as defined in subsection (b)(2) of section 48D) which is part of an advanced manufacturing facility (as defined in subsection (b)(3) of such section).”.