Senate Majority Leader Chuck Schumer (DN.Y.) is preparing to vote on a limited version of the Senate’s comprehensive China competition law, which focuses solely on emergency financing and a new tax credit for the semiconductor industry, a source familiar with his plans tells UKTN. Why it matters: Schumer cuts bait — at least for now — on the broader U.S. Innovation and Competitiveness Act (USICA), with a compromise on the sweeping package becoming increasingly unlikely before Congress breaks for its August recess. – The $52 billion in semiconductor financing is a critical and immediate priority for the Biden administration to…