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Startup Act 3.0

Startup Act 3.0

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Published by MarkWarner
Text of the Startup Act 3.0
Text of the Startup Act 3.0

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Published by: MarkWarner on Feb 13, 2013
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02/13/2013

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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,
2
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
3
(a) S
HORT
T
ITLE
.—This Act may be cited as the
4
‘‘Startup Act 3.0’’.
5
(b) T
 ABLE OF
C
ONTENTS
.—The table of contents for
6
this Act is as follows:
7
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.
1
Congress makes the following findings:
2
(1) Achieving economic recovery will require the
3
formation and growth of new companies.
4
(2) Between 1980 and 2005, companies less
5
than 5 years old accounted for nearly all net job cre-
6
ation in the United States.
7
(3) New firms in the United States create an
8
average of 3,000,000 jobs per year.
9
(4) To get Americans back to work, entre-
10
preneurs must be free to innovate, create new com-
11
panies, and hire employees.
12
SEC. 3. CONDITIONAL PERMANENT RESIDENT STATUS FOR
13
IMMIGRANTS WITH AN ADVANCED DEGREE
14
IN A STEM FIELD.
15
(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:
18
 
3
MDM13100 S.L.C.
‘‘SEC. 216B. CONDITIONAL PERMANENT RESIDENT STATUS
1
FOR ALIENS WITH AN ADVANCED DEGREE IN
2
 A STEM FIELD.
3
‘‘(a) I
N
G
ENERAL
.—Notwithstanding any other pro-
4
 vision of this Act, the Secretary of Homeland Security 
5
may adjust the status of not more than 50,000 aliens who
6
have earned a master’s degree or a doctorate degree at
7
an institution of higher education in a STEM field to that
8
of an alien conditionally admitted for permanent residence
9
and authorize each alien granted such adjustment of sta-
10
tus to remain in the United States—
11
‘‘(1) for up to 1 year after the expiration of the
12
alien’s student visa under section 101(a)(15)(F)(i) if 
13
the alien is diligently searching for an opportunity to
14
 become actively engaged in a STEM field; and
15
‘‘(2) indefinitely if the alien remains actively en-
16
gaged in a STEM field.
17
‘‘(b) A 
PPLICATION FOR
C
ONDITIONAL
P
ERMANENT
 
18
R
ESIDENT
S
TATUS
.—Every alien applying for a condi-
19
tional permanent resident status under this section shall
20
submit an application to the Secretary of Homeland Secu-
21
rity before the expiration of the alien’s student visa in
22
such form and manner as the Secretary shall prescribe
23
 by regulation.
24
‘‘(c) I
NELIGIBILITY FOR
F
EDERAL
G
OVERNMENT
 A 
S
-
25
SISTANCE
.—An alien granted conditional permanent resi-
26

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