India, July 4 -- Semiconductor Industry Association (SIA) released the following statement from SIA President and CEO John Neuffer, following passage in the U.S. House of Representatives of the One Big Beautiful Bill Act (H.R. 1). The domestic policy package is set to be signed into law by President Donald Trump on July 4th.

The measure advances a top SIA tax priority by increasing the rate of the advanced manufacturing investment credit (AMIC) from 25% to 35%. The bill also includes several other important measures supported by SIA, including a permanently modified deduction on foreign-derived intangible income and a restoration of full deductibility of domestic R&D expenditures.

Neuffer said: "SIA applauds the passage of a strengthene...