It passed with broad bipartisan support, 64 to 33.
The measure now goes to the House for approval before it can be sent to President Joe Biden for his expected signature.
The legislation aims to address a shortage of semiconductor chips and make the US less dependent on other countries such as China for manufacturing. Supporters say the measure is important not only for US technological innovation but also for national security.
It creates incentives for domestic semiconductor manufacturing as well as research and development and includes over $50 billion in funding for this purpose. It includes a number of provisions aimed at supporting research, including authorizing billions of dollars for the National Science Foundation, the Commerce Department and the National Institute of Standards and Technology.
Senate Majority Leader Chuck Schumer praised the bill as a major bipartisan achievement and touted it as very coherent.
“This is an important step for our economic security, our national security, our supply chains and for America’s future,” Schumer said of the legislation in remarks on the Senate floor this week.
Schumer described the bill as “one of the most significant bipartisan achievements of this Congress.”
“It will make historic investments in research. It will directly address our nation’s chip crisis,” he said.
Republican Sen. Todd Young of Indiana, who worked closely with Schumer and other senators during a lengthy negotiation process, praised the bill for “unleashing the potential of our people in out-competing and innovating our global rivals who do not share our values or economic interests.”
But the bill has not escaped all criticism.
Republican Sen. Rick Scott of Florida told CNN’s Erin Burnett on “OutFront” Wednesday night: “This is not an anti-China bill. This is not a national security bill.”
“It’s just a freebie to a bunch of billion-dollar corporations that didn’t want any accountability,” he said.
This story was updated with additional information on Wednesday.
CNN’s Paul LeBlanc contributed to this report.
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