MDM13100 S.L.C.
113
TH
CONGRESS1
ST
S
ESSION
S.
ll
To jump-start economic recovery through the formation and growth of new businesses, and for other purposes.
IN THE SENATE OF THE UNITED STATES
llllllllll
Mr. M
ORAN
(for himself, Mr. W
ARNER
, and Mr. C
OONS
) introduced the fol-lowing bill; which was read twice and referred to the Committee on
llllllllll
A BILL
To jump-start economic recovery through the formation andgrowth of new businesses, and for other purposes.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
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(a) S
HORT
T
ITLE
.—This Act may be cited as the
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‘‘Startup Act 3.0’’.
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(b) T
ABLE OF
C
ONTENTS
.—The table of contents for
6
this Act is as follows:
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Sec.1.Short title; table of contents.Sec.2.Findings.Sec.3.Conditional permanent resident status for immigrants with an advanceddegree in a STEM field.Sec.4.Immigrant entrepreneurs.
2
MDM13100 S.L.C.Sec.5.Elimination of the per-country numerical limitation for employment- based visas.Sec.6.Capital gains tax exemption for startup companies.Sec.7.Research credit for startup companies.Sec.8.Accelerated commercialization of taxpayer-funded research.Sec.9.Economic impact of significant Federal agency rules.Sec.10.Biennial State startup business report.Sec.11.New business formation report.Sec.12.Rescission of unspent Federal funds.
SEC. 2. FINDINGS.
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Congress makes the following findings:
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(1) Achieving economic recovery will require the
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formation and growth of new companies.
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(2) Between 1980 and 2005, companies less
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than 5 years old accounted for nearly all net job cre-
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ation in the United States.
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(3) New firms in the United States create an
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average of 3,000,000 jobs per year.
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(4) To get Americans back to work, entre-
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preneurs must be free to innovate, create new com-
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panies, and hire employees.
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SEC. 3. CONDITIONAL PERMANENT RESIDENT STATUS FOR
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IMMIGRANTS WITH AN ADVANCED DEGREE
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IN A STEM FIELD.
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(a) I
N
G
ENERAL
.—Chapter 2 of title II of the Immi-
16
gration and Nationality Act (8 U.S.C. 1181 et seq.) is
17
amended by inserting after section 216A the following:
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3
MDM13100 S.L.C.
‘‘SEC. 216B. CONDITIONAL PERMANENT RESIDENT STATUS
1
FOR ALIENS WITH AN ADVANCED DEGREE IN
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A STEM FIELD.
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‘‘(a) I
N
G
ENERAL
.—Notwithstanding any other pro-
4
vision of this Act, the Secretary of Homeland Security
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may adjust the status of not more than 50,000 aliens who
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have earned a master’s degree or a doctorate degree at
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an institution of higher education in a STEM field to that
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of an alien conditionally admitted for permanent residence
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and authorize each alien granted such adjustment of sta-
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tus to remain in the United States—
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‘‘(1) for up to 1 year after the expiration of the
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alien’s student visa under section 101(a)(15)(F)(i) if
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the alien is diligently searching for an opportunity to
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become actively engaged in a STEM field; and
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‘‘(2) indefinitely if the alien remains actively en-
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gaged in a STEM field.
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‘‘(b) A
PPLICATION FOR
C
ONDITIONAL
P
ERMANENT
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R
ESIDENT
S
TATUS
.—Every alien applying for a condi-
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tional permanent resident status under this section shall
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submit an application to the Secretary of Homeland Secu-
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rity before the expiration of the alien’s student visa in
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such form and manner as the Secretary shall prescribe
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by regulation.
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‘‘(c) I
NELIGIBILITY FOR
F
EDERAL
G
OVERNMENT
A
S
-
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SISTANCE
.—An alien granted conditional permanent resi-
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SEC. 6. CAPITAL GAINS TAX EXEMPTION FOR STARTUP for Startup Act 3.0
Text of the Startup Act 3.0
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