H.R. 3597 — Protecting Circuit Boards and Substrates Act

This section establishes a new general business tax credit under new IRC §45AA equal to 25% of the cost paid or incurred by a taxpayer for the purchase or acquisition of printed circuit boards or integrated circuit substrates fabricated in the United States (i.e., manufactured from raw materials into a connected composite structure of electrically conductive and non-conductive elements using subtractive, additive, or other techniques), for amounts paid or incurred after December 31, 2025.

This section establishes a program administered by the Secretary of Commerce to provide federal financial assistance, subject to the availability of appropriations, to covered entities (i.e., private entities or consortia able to substantially finance, construct, expand, or modernize U.S. facilities for manufacturing or research and development of printed circuit boards and integrated circuit substrates) to incentivize such investments. Covered entities must submit applications describing proposed projects and demonstrate eligibility to the Secretary.