WASHINGTON—Senate Majority Leader Chuck Schumer (D., N.Y.) is telling colleagues to expect a floor vote as early as Tuesday on a stripped-down China competition bill that would include more than $50 billion and investment tax credits to encourage semiconductor production in the U.S. but exclude other provisions, a person familiar with the matter said Thursday. 

The decision to hold the vote comes after a briefing from administration officials Wednesday pushing lawmakers to pass semiconductor funding as negotiations over a larger competition bill have stalled, and it remained uncertain whether Republicans would allow a slimmed-down bill to advance in the evenly divided Senate. Republicans have demanded that Democrats end their efforts to pass a partisan prescription-drug and climate bill as a condition for moving the China legislation.