A bipartisan group of US Senators on Tuesday announced the introduction of a bill known as Startup Act 2.0. The actual draft bill is not available yet so this brief summary comes from the Senators' press release.
The focus appears to be on companies less than 5 years old, which the release notes has been a source of tremendous job creation. Here are key provisions according to the release:
1. Immigration relief allowing foreign students to stay and get a green card if they have a master's or Ph.D. in one of the "STEM" areas (science, technology, engineering or math). Also a more permanent visa for entrepreneurs who come here and hire US workers.
2. Capital gains tax exemption on sale of startup stock that is held for five years - it exists now but the bill would make it permanent.
3. R&D tax credit for companies less than 5 years old with less than $5 million in revenues.
4. Expand government R&D funding at the university level.
5. Mandates government agencies' conducting cost-benefit analysis of rules with more than $100 million in impact to assess effect on formation and growth of new businesses.
6. Directs the US Department of Commerce to publish "best practices" at the state level in encouraging entrepreneurship.
Steve Case, former AOL CEO, is big pushing this, as he was the JOBS Act passed in April. More on this when we get to actually read the bill. What is the likelihood of passage? No clue.
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