India, May 6 -- Semiconductor Industry Association (SIA) has released the following statement from SIA President and CEO John Neuffer welcoming House introduction of Building Advanced Semiconductors Investment Credit (BASIC) Act.

The legislation supports the continued revitalization of U.S. semiconductor manufacturing by increasing the rate of the Advanced Manufacturing Investment Credit (AMIC) from 25% to 35%, and extending the credit for four years. The BASIC Act was introduced by Rep. Claudia Tenney (R-NY) and a bipartisan group of 19 cosponsors.

"To win the chip race, the U.S. must continue to reinforce domestic chip production and advance innovation. The BASIC Act is a welcome effort to strengthen this proven driver of investment b...