The Protecting Circuit Boards and Substrates Act provides federal support to boost domestic manufacturing of printed circuit boards and integrated circuit substrates, which are critical components used in electronics and defense systems. The bill creates a 25 percent tax credit for companies that purchase circuit boards made in the United States and establishes a federal financial assistance program through the Department of Commerce offering grants up to $300 million per project to help companies build or expand manufacturing and research facilities. Eligible recipients include private companies, small businesses, minority-owned businesses, and women-owned businesses, though the law bars foreign entities of concern from receiving funding and includes safeguards to recover federal money if projects experience significant delays or if recipients engage in technology sharing with foreign adversaries. The bill also prioritizes workforce development by requiring larger companies to partner with educational institutions and train economically disadvantaged workers, while giving preference to projects involving historically Black colleges and minority-serving institutions. The legislation authorizes $3 billion in spending for fiscal years 2024 and 2025 and requires Government Accountability Office reviews every two years for a decade to track how funds are used and whether domestic circuit board production increases.
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