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Startup Act 3.0 Introduced Today

Today, February 13, 2013, The Startup Act 3.0 was introduced by U.S. Senators Jerry Moran (R-Kan.) and Mark Warner (D-Va.), along with Chris Coons (D-Del.) and Roy Blunt (R-Mo.).  It is an updated version of their previous Startup Act (2.0).  The bill addresses high-skilled immigration workers.

The bill will create an Entrepreneur Visa as well as a STEM visa.  The Act will include the following (copied from Sen. Moran’s news release):

Startup Act 3.0 includes the following provisions:

  • Creates an Entrepreneur’s Visa for legal immigrants, so they can remain in the United States, launch businesses and create jobs;
  • Creates a new STEM visa so U.S.-educated foreign students, who graduate with a master’s or Ph.D. in science, technology, engineering or mathematics, can receive a green card and stay in this country where their talent and ideas can fuel growth and create American jobs;
  • Eliminates the per-country caps for employment-based immigrant visas – which hinder U.S. employers from recruiting the top-tier talent they need to grow;
  • Makes permanent the exemption of capital gains taxes on the sale of startup stock held for at least five years – so investors can provide financial stability at a critical juncture of firm growth;
  • Creates a limited research and development tax credit for young startups less than five years old and with less than $5 million in annual receipts. This R&D credit is designed to allow startups to offset employee taxes – freeing up resources to help these young companies expand and create jobs;
  • Uses existing federal R&D funding to support university initiatives designed to bring cutting-edge research to the marketplace more quickly where it can propel economic growth;
  • Requires all government agencies to conduct a cost-benefit analysis of all proposed “significant rules” with an economic impact of $100 million or more. This new requirement will help determine the efficacy of regulations and their potential impact on the formation and growth of new businesses; and
  • Directs the U.S. Department of Commerce to assess state and local policies that aid in the development of new businesses. Through the publication of reports on new business formation and the entrepreneurial environment, lawmakers will be better equipped to encourage entrepreneurship with the most successful policies.

As more information becomes available, I will post it here. Stay tuned.