Summary

A bill to jump-start economic recovery through the formation and growth of new businesses, and for other purposes. Read More

Status

This bill was introduced on Dec 8, 2011, in a previous session of Congress, but was not passed.

Date Introduced
Dec 8, 2011

Bill Text

A BILL

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.

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Organizations Supporting

December 14, 2011 – Regarding the introduction last week of the Startup Act by Sens. Jerry Moran (R-Kan.) and Mark Warner (D-Va.), the Consumer Electronics Association (CEA)® issues the following statement, attributable to Gary Shapiro, president and CEO: “Strategic immigration has long been a key tenet of CEA’s Innovation Movement, through which we promote innovation as a key national priority for America’s economic success. “We applaud Sens. Moran and Warner for introducing the Startup Act, and in particular the provisions to create a STEM Visa for up to 50,000 immigrants per year who graduate from U.S. institutions with a Masters or Ph.D. in science, technology, engineering or mathematics (STEM); and to create an Entrepreneur’s Visa for up to 75,000 immigrant entrepreneurs who register a business and employ at least two non-family member employees, and invest in their business within one year of obtaining the visa. “America can only remain strong if we are a magnet for the world’s best and brightest. The bold strategic immigration proposals in the Startup Act will help get America’s economy moving. As a country we must do more to support and foster innovation and entrepreneurialism, and the introduction of the Startup Act is an important step forward.” https://www.ce.org/Press/CurrentNews/press_release_detail.asp?id=12247

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12/16/11 - Last week, Sen. Jerry Moran (R-KS) and Sen. Mark Warner (D-VA) introduced S. 1965 (the Startup Act). CCIA applauds the bill as a farsighted proposal to unleash the power of U.S. entrepreneurs and harness it for the creation of jobs. The bill focuses on five principles: · Reducing regulatory burdens; · Attracting business investment; · Accelerating the commercialization of university research; · Attracting and retaining entrepreneurial talent; · Encouraging pro-growth state and local policies. In particular, CCIA commends Sen. Moran and Sen. Warner for their focus on the fourth principle (attracting and retaining entrepreneurial talent) and for including provisions on conditional visas for advanced STEM degree holders and immigrant entrepreneurs. The bill would create a new visa for 50,000 foreign students who graduate from U.S. universities with a Master’s or Ph.D. in science, technology, engineering or math (STEM). The visas would be conditional on their remaining actively engaged in a STEM field for five consecutive years, after which they would become permanent legal residents. The bill would also create 75,000 visas for immigrant entrepreneurs who register at least one new business entity employing at least two full time non-family members, and invest or raise at least $100,000 within a year of the visa being issued. The entrepreneur could then operate the business for three years during which it would have to employ at least five full-time non-family members. The entrepreneur could then apply for removal of the conditional status. CCIA has long advocated for the need to promote entrepreneurship and innovation. Ideas and research are the raw materials with which the technology industry is built, and we cannot afford to squander resources such as the foreign students and entrepreneurs who choose to legally come to the U.S. to put their talents to use here. The visas in this bill would give them the opportunity to prove their value and to make long-term contributions to the U.S. economy - contributions they would otherwise be making in other countries in competition with the U.S. The Startup Act is an important step in enabling U.S. companies and the U.S. economy to actively engage in the global competition for talent. By facilitating entrepreneurship and innovation (two of the things Americans do best), the bill would help enable the U.S. economy to build on its strengths, and catapult it, not only out of its current slump, but also up to new heights. http://www.ccianet.org/index.asp?bid=89&BlogEntryID=203&FormID=300&catid=0

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March 15, 2012 - TechAmerica’s President & CEO Shawn Osborne today offered the organization’s support of the Startup Act to Senator Jerry Moran(R-KS) at a meeting of technology leaders at TechAmerica’s headquarters. The legislation, introduced by Senator Moran and Senator Mark Warner (D-VA), would break down barriers for entrepreneurs, which is of particular interest to the technology industry that relies heavily on startups formed in basements, dorm rooms and garages. “The technology industry is built on people who have an idea and make every effort to turn it into an invention that benefits us all,” said TechAmerica President and CEO Shawn Osborne. “The Startup Act aims to eliminate the barriers to growth and provide entrepreneurs the tools that are needed to prosper. We applaud Senators Moran and Warner and pledge TechAmerica’s full support to get this legislation passed.” “The Startup Act targets the four areas of priority for TechAmerica’s members – talent, tax, trade and technology,” added Mr. Osborne. “We think this bill will help spark additional startups in our country.” The Startup Act will: Make permanent the capital gains tax exemption for investments held for five years in Qualified Small Businesses (QSB), giving investors an incentive to partner with entrepreneurs and helping provide financial stability for the first few years of a new business’ life. Increase the pool of talent for tech companies by creating a STEM Visa for up to 50,000 immigrants per year who graduate with a Masters of Ph.D. in science, technology, engineering or mathematics, giving them the opportunity to stay in the United States and put their skills to work. Encourage new businesses and ventures by creating an Entrepreneur’s Visa for up to 75,000 immigrant entrepreneurs who register a business and employ at least two non-family member employees, and invest in their business within one year of obtaining the visa. Current H-1B Visa holders or those who have completed graduate level work in a STEM field would qualify. Provide a corporate tax credit of up to $5 million for QSBs in the first taxable year of profit, followed by 50 percent corporate income tax exclusion in the two succeeding taxable years, to help startups finance growth. Require a cost-benefit analysis of proposed regulations with an economic impact of $100 million or more to determine the efficacy of the rule and its potential effects on the formation and growth of new businesses. Use existing federal research and development funding to support innovative projects at American universities in order to accelerate and improve the commercialization of cutting-edge technologies developed through faculty research. “The economic recovery of this country is being led by tech companies that want to invest and grow right here at home. This legislation will give so many small companies the tools to do that,” concluded Mr. Osborne. http://www.techamerica.org/techamerica-throws-support-behind-startup-act

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TechAmerica 2 years ago

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