Relating to tax credits allowed for research and development in the semiconductor industry; prescribing an effective date.

Restores corporate excise tax credit allowed for qualified research activities and sets increased maximum credit amount. Limits use of credit to semiconductor or other advanced manufacturing industries. Uses tiered credit percentages based on amount of increase in qualified research expenses. Provides for refundability of credit for taxpayer with fewer than 150 employees. Increases maximum amount of alternative qualified research credit allowed to taxpayer with insufficient increase in research expenses to claim standard credit. Exempts from commercial activity subject to corporate activity tax amount of qualified research credit allowed against corporate excise tax. Applies to tax years beginning on or after January 1, 2024, and before January 1, 2030. Takes effect on 91st day following adjournment sine die.