Congresswoman Claudia Tenney (NY-24) introduced the Building Advanced Semiconductors Investment Credit (BASIC) Act in a bid to bolster American manufacturing. The legislation proposes increasing the advanced manufacturing investment credit from 25% to 35% and extending its availability through December 31, 2030. The aim is to stimulate domestic production of semiconductors, viewed as critical to modern technology, the economy, and national security.
The legislation, which has gathered support from 19 additional congress members, advocates for investing in new semiconductor production facilities to enhance job growth and maintain America’s global tech leadership. Congresswoman Tenney emphasized the role of this measure in assisting companies like Micron to establish factories in New York.
“The BASIC Act extends and expands the manufacturing investment credit, encouraging investment in the U.S. economy,” Tenney remarked. Congressman Mike Carey noted the economic and national security dimensions of bringing semiconductor manufacturing back to the U.S., while Congresswoman Nicole Malliotakis stressed the importance of reducing reliance on countries like China.
Additional support came from Congressman Brian Fitzpatrick, who underlined the significance of strengthening the domestic supply chain. Sanjay Mehrotra, Chairman and CEO of Micron, expressed gratitude for the initiative, highlighting its potential to enable long-term investments in advanced manufacturing. The BASIC Act also drew commendations from Ryan McMahon, Executive of Onondaga County, Dr. Thomas Caulfield of GlobalFoundries, and Peter Cleveland of TSMC.
Jason Hsu from the Hudson Institute and John Neuffer of the Semiconductor Industry Association praised the legislation’s impact on domestic manufacturing. Chris Griswold from American Compass attributed recent successes in semiconductor production to such policies, while Robert M. Simpson of CenterState CEO hailed the act as a boon for Central New York’s manufacturing sector. Heather Mulligan, President & CEO of The Business Council of New York State Inc., urged Congress to support the initiative, stressing its potential to create jobs and boost New York’s economy.
