Chip EQUIP Act of 2024

The Chip EQUIP Act of 2024 restricts federal funding for semiconductor manufacturing projects that use "ineligible equipment." This includes completed, fully assembled equipment made by foreign entities of concern (like certain Chinese companies) or their subsidiaries for fabrication, assembly, or R&D. Federal funds cannot be used for such equipment unless a waiver applies, such as when U.S./allied equipment is unavailable or national security interests require it. The bill affects companies receiving federal financial assistance for semiconductor manufacturing by defining prohibited equipment and setting waiver criteria under export control rules.