From Senator Warner's e-mail...
China, India, Brazil, and the rest of our global business competitors certainly are not waiting for us to get our act together, so we cannot allow election-year politics to interfere with smart, reasonable efforts to strengthen our economy and jumpstart job creation.
That’s why I have joined several of my colleagues in introducing bipartisan legislation, Startup Act 2.0. With my partners -- Sens. Chris Coons (D-DE), Jerry Moran (R-KS) and Marco Rubio (R-FL) – we intend to prove the critics wrong: we want to demonstrate that Congress can get something significant done, even during an election year, when we’re willing to put partisanship aside and work together.
While the recently enacted JOBS Act focused on access to capital, Startup Act 2.0 concentrates instead on access to talent:
- Too few American
college students are pursuing advanced degrees in science, technology,
engineering and math. So Startup Act 2.0 would, in effect, staple a green
card to the diplomas of foreign-born students earning advanced STEM degrees
who can demonstrate they are willing to remain in the United States to apply
their talents here and create new jobs. The Roanoke
Times calls this “a small but crucial slice of U.S. immigration
policy,” and notes that “The immigrants at issue would create jobs for
themselves and thousands of native-born Americans. That's an outcome that
deserves bipartisan support.”
- Startup Act 2.0
also offers some targeted tax breaks aimed at enabling small businesses
to conserve financial resources more effectively while they grow. Among other
things, it creates a targeted research and development tax credit for
early-stage startups, and it makes permanent an existing exemption from capital
gains taxes on start-up stock that is held for at least five
- Start-up Act 2.0
proposes a mandatory cost-benefit analysis of proposed regulations that
could have greater than $100 million in economic impact. “By requiring this
analysis, agencies might think twice about imposing unnecessarily burdensome
regulations,” according to the Progressive
- Let’s face it: not
every college or university is as capable as a UVA, Virginia Tech, VCU or ODU to
maximize the market potential of faculty-driven R&D. So our
legislation will help smaller universities move taxpayer-funded research from
the laboratory to the marketplace more quickly.
- “Much of the time, Congress is, well, Congress. Gridlocked, combative,
dysfunctional are only three of the adjectives that might be routinely applied.
But some days, there is a hint of a different institution… [Startup Act 2.0] is
a potential reminder that, when the conditions are right, members of both
parties are far from giving up on good.”