India, May 18 -- Semiconductor Industry Association (SIA) and a broad coalition of 17 other top business and trade groups today in a letter urged Congress to extend the Advanced Manufacturing Investment Credit (AMIC) - a highly impactful tax credit for chip production that is set to expire at the end of this year - and expand it to cover semiconductor design and other critical R&D activities.

The letter's signatories represent key sectors across the American economy, including semiconductors, artificial intelligence, cloud computing, defense and aerospace, connected and autonomous vehicles, advanced wireless communications, medical technology, and manufacturing.

"To be the world's economic, technology, and security leader, America must ...