On August 9, President Biden signed into law the Chips and Science Act, major new legislation that authorizes over $280b in tax incentives and federal spending over the next five years including a $52 billion increase in authorized federal investments for innovative R&D. The bill seeks to revitalize U.S. semiconductor manufacturing, speed 5G network deployment and increase the diffusion of federal R&D including more focus on critical national technologies like AI, quantum computing, and advanced manufacturing. IEEE-USA and other members of the Task Force on American Innovation worked with Senate and House leaders over the past two years to outline components of the legislation that culminated in the Chips and Science Act. Although the new R&D investments outlined in the bill are now authorized, Congress must still take action to authorize the spending required to fund the authorizations. To learn more about what may be coming next, see Chips Act Passes; Now What? in IEEE-USA INSIGHT.