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5/12/2020 Treasury Secretary Geithner Tours Intel Facilities in Arizona, Highlighting Importance of Investments in Domestic Manufacturing, Innovati… U.S. DEPARTMENT OF THE TREASURY Press Center Treasury Secretary Geithner Tours Intel Facilities in Arizona, Highlighting Importance of Investments in Domestic Manufacturing, Innovation and Job Creation 11/8/2011 Geithner Discussed the Need for Congress to Move on Common-Sense Proposals in the American Jobs Act, Including Key Investment Incentives for U.S. Businesses CHANDLER, ARIZ. – Highlighting the importance of investments in domestic manufacturing, innovation and job creation in the United States, Treasury Secretary Tim Geithner today met with executives from Intel and toured the construction site of the company’s new manufacturing facility in Chandler, Arizona. The $5 billion expansion of Intel’s Arizona campus will significantly increase its domestic manufacturing capacity, and the construction of Fab 42 – the most advanced, high-volume semiconductor manufacturing facility in the world – will create thousands of construction and permanent manufacturing jobs in Arizona. During his visit, Secretary Geithner discussed the need for Congress to pass the common-sense proposals in the American Jobs Act to help foster the kind of investments Intel is making in communities across the country. “The future of our economy depends on companies like Intel continuing to make innovative products in America for sale around the globe. And to help ensure U.S. companies are as competitive as they can be, government must do its part,” Secretary Geithner said. “The President has put forth a comprehensive package of investments and tax incentives to grow our economy and get Americans back to work. With millions of jobs hanging in the balance, Congress should not turn its back on these measures.” “Intel has planned more than $18 billion in U.S. manufacturing and R&D investment in the past three years. We hope to set an example as an American business that does well while continuing significant investment in our facilities, our people and our communities,” said Paul Otellini, Intel president and CEO. “We are pleased to have the Secretary visit our state of the art facilities in Arizona and to support his mission to highlight innovation and the importance of domestic manufacturing.” The American Jobs Act includes key initiatives designed to help business grow and put workers back on the job while rebuilding and modernizing America. It would allow all companies, regardless of size, to deduct the full value of new investments in plants and equipment. Additionally, it would reduce payroll taxes for all businesses and cut taxes even further by creating a “tax holiday” for companies that hire new employees or raise wages for current workers. The President’s plan also includes targeted tax cuts for businesses that hire the longterm unemployed as well as veterans who have been out of work six months or more and those with service-connected disabilities. The United States Senate is expected to vote on the veterans’ tax credits this week. Intel is the largest semiconductor chip maker in the world. As a global corporation, more than three-fourths of Intel’s revenue comes from outside the United States, yet roughly threefourths of the company’s microprocessor manufacturing is done in America. With more than 10,000 employees, Intel Arizona is the company’s second largest site in the United States and is the largest employer in Chandler. Later today, Geithner will meet with Phoenix-area business, civic and education leaders for a discussion on job creation, the state of the economy and the need for Congress to pass the American Jobs Act. From Phoenix, Secretary Geithner will travel to Honolulu, where he will host finance ministers from other Pacific Rim economies for Asia-Pacific Economic Cooperation (APEC) meetings later this week. APEC economies are the destination for 60 percent of U.S. exports, representing an important market for companies like Intel that make products in the U.S. for sale around the world. https://www.treasury.gov/press-center/press-releases/Pages/tg1358.aspx 1/2 5/12/2020 Treasury Secretary Geithner Tours Intel Facilities in Arizona, Highlighting Importance of Investments in Domestic Manufacturing, Innovati… https://www.treasury.gov/press-center/press-releases/Pages/tg1358.aspx 2/2
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