This Act may be cited as the Building Advanced Semiconductors Investment Credit Act or BASIC ACT.

(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.