Congressman Russ Carnahan (MO-3) joined House members on both sides of the aisle Tuesday night to introduce the STARTUP 2.0 Act. Carnahan joined Rep. Michael Grimm, who introduced the bill, and five other original co-sponsors.
The STARTUP 2.0 Act is a pro-jobs bill that increases America's access to talent in the fields of science, technology, engineering, and math (STEM) and creates opportunities for startup businesses through tax incentives and access to resources for innovation.
"We can create jobs in America that will stay in our communities for the long term.; we can build products that lead the world; we can do what we have always done in this nation; invent, innovate and deliver on our potential," said Congressman Carnahan. "The STARTUP 2.0 Act will help make that happen. We will encourage investors who want their money to grow American jobs, support new small businesses and provide funding for research and development that is on the cutting edge of discovery."
The bill allows qualifying startup businesses to receive up to $250,000 in tax credits. It also will allow the world's best and brightest students and entrepreneurs to remain in the U.S. to start businesses and hire Americans, rather than being forced out to nations like China and India. The Act also creates a research and development tax credit for new, smaller startups.
Local innovation and entrepreneurship organizations are also excited about the STARTUP 2.0 Act.
"Having a research and development tax credit targeted at startup companies that bring new technologies to market will provide a welcome boost to those young companies that have limited resources but are commercializing products with huge potential," said Marcia B. Mellitz
Vice President, Program Development for BioSTL, a regional organization that champions St. Louis bio-science.
Congressman Carnahan is available for interviews regarding the STARTUP 2.0 Act.