WASHINGTON, D.C. –Today, U.S. Rep. Mike Carey (R-Ohio-15), a member of the House Ways and Means Committee, joined a bipartisan group of 15 House colleagues— led by U.S. Rep. Claudia Tenney (R-N.Y.)— to introduce the Building Advanced Semiconductors Investment Credit (BASIC) Act to increase and extend the advanced manufacturing investment credit.
“Bringing semiconductor manufacturing to the United States is both a critical national security priority and massive economic opportunity for the next generation of American workers,” Rep. Carey said. “Increasing and extending this tax credit will help our economy grow and create a reliable supply chain for critical semiconductors. I am proud to join with my colleagues on this legislation and look forward to it passing.”
“To restore America as a manufacturing powerhouse, we must empower American companies with the tools they need to succeed. The BASIC Act extends and expands the manufacturing investment credit, encouraging investment in the U.S. economy and enabling companies like Micron to build factories right here in New York. This legislation works hand in hand with the Trump administration to revitalize American manufacturing and bring jobs back to the United States,” Rep. Tenney said.
BACKGROUND:
This legislation increases the advanced manufacturing investment credit enacted under the CHIPS and Science Act of 2022 from 25% to 35% and extends its availability through December 31, 2030.
Semiconductors are essential to nearly every modern technology and producing these domestically is foundational to both America’s economy and its national security.
Extending this tax credit will promote further investment in establishing new production facilities to manufacture semiconductors, which will spur job growth in advanced science, technology, engineering, and manufacturing. It will also help ensure that the United States can compete globally and maintain its technological dominance over adversaries, including China.
Extending this critical tax incentive signals long-term U.S. commitment to tech leadership and levels the playing field for American companies ensuring the United States does not fall behind in this critical strategic sector.
Additional original cosponsors of this legislation include Tom Suozzi (D-N.Y.), Nicole Malliotakis (R-N.Y.), Brian Fitzpatrick (R-Penn.), Joe Morelle (D-N.Y.), John Mannion (D-N.Y.), Paul Tonko (D-N.Y.), Tim Kennedy (D-N.Y.), Josh Riley (D-N.Y.), Mike Simpson (R-Ind.), Jen Kiggans (R-Va.), Joe Neguse (D-Colo.), Young Kim (R-Calif.), Becca Balint (D-Vt.), and Suhas Subramanyan (D-Va.).
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