To jump-start economic recovery through the formation and growth of new businesses, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Startup Act of 2011''. (b) Table of Contents.--The table of contents for this Act is as follows:
Sec. 1. Short title; table of contents. Sec. 2. Findings. Sec. 3. Economic impact of major rules. Sec. 4. Permanent full exclusion applicable to qualified small business stock. Sec. 5. Income tax credit for certain startup small businesses. Sec. 6. Study of regulatory impact of possible Sarbanes-Oxley reform. Sec. 7. Accelerated commercialization of university-based research. Sec. 8. Conditional permanent resident status for aliens with an advanced degree in a STEM field. Sec. 9. Alien entrepreneurs. Sec. 10. Biennial State startup business report. Sec. 11. New business formation report.
SEC. 2. FINDINGS.
Congress makes the following findings: (1) Achieving economic recovery will require the formation and growth of new companies. (2) Between 1980 and 2005, companies less than 5 years old accounted for nearly all net job creation in the United States. (3) New firms in the United States create an average of 3,000,000 jobs per year. (4) To get Americans back to work, entrepreneurs must be free to pursue their ideas, form companies, and hire employees. (5) State and local policies affect entrepreneurs' ability to start new businesses and grow existing businesses.