OR HB2322

Renames the Oregon CHIPS Fund to the "Oregon Fostering Innovation Strength at Home and CHIPS Fund" and expands eligibility to businesses that meet federal CHIPS Act criteria but have not applied for federal semiconductor financial assistance

Broadens eligible recipients beyond semiconductor companies to include "targeted industries" such as metals and machinery, business services, food and beverages, forestry and wood products, high technology, outdoor gear and apparel, and bioscience

Maintains the $50 million cap on individual grants and loans, with grants exceeding that amount requiring 30 days' notice to the Legislature; loans carry zero interest for terms up to 10 years

Establishes a $15 million expenditure limit for the 2025-2027 biennium (excluding pre-existing project obligations) and extends trade secret protections for applications from January 1, 2027 to January 1, 2029

Reduces the minimum employee requirement for applicant preference from 10 to 5 full-time employees in Oregon and takes effect immediately upon passage as an emergency measure