May 5, 2025
Ms. Tenney (for herself, Mr. Suozzi, Ms. Malliotakis, Mr. Langworthy, Mr. Fitzpatrick, Mr. Morelle, Mr. Mannion, Mr. Tonko, Mr. Carey, Mr. Kennedy of New York, Mr. Riley of New York, Mr. Horsford, Ms. Balint, Mr. Simpson, Mr. Subramanyam, Mrs. Kiggans of Virginia, Mrs. Kim, Mr. Lawler, Mr. Khanna, and Ms. Stefanik) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to increase the advanced manufacturing investment credit, and for other purposes.
Section 1. Short title
This Act may be cited as the Building Advanced Semiconductors Investment Credit Act
or BASIC ACT
.
Sec. 2. Increase of advanced manufacturing investment credit
(a) Credit increase
Section 48D(a) of the Internal Revenue Code of 1986 is amended by striking 25 percent
and inserting 35 percent
.
(b) Credit period extension
Section 48D(e) of such Code is amended by striking December 31, 2026
and inserting December 31, 2030
.
(c) Effective date
The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.