Today, Congressman Kevin Yoder (R-KS) joined Reps. Michael G. Grimm (R-NY), Loretta Sanchez (D-CA), Robert Dold (R-IL), Jared Polis (D-CO), Russ Carnahan (D-MO), and Devin Nunes (R-CA) and introduced the Startup Act 2.0 (H.R. 5893) in the House of Representatives. The Startup Act 2.0 is a bill to create and keep jobs in America; increase America's access to talent in the fields of science, technology, engineering, and math (STEM) by reforming high-skilled visa policies; and create opportunities for startup businesses with tax incentives and access to resources for innovation.
"The Startup Act 2.0 is a great example of Congress working in a bipartisan manner to put Americans back to work. This legislation will help keep America a global leader in the science, technology, engineering and mathematics fields, and in the competition for the brightest minds of future generations," stated Congressman Yoder. "Additionally, it will give small businesses much-needed support to stay afloat and add employees. I'm glad to be a part of this team working to move the Startup Act 2.0 through the House, and I thank Senator Moran for his leadership on this bill in the Senate."
The bill creates tax incentives for the creation of new businesses. Research shows that startups create 3 million jobs per year, on average. In addition, over the past 30 years, companies less than five years old have created almost all the new net jobs in America.
Startup 2.0 also helps increase America's access to talent by creating a new set of conditional visas for 75,000 immigrant entrepreneurs and 50,000 foreign STEM graduate students, that are linked to the creation of American jobs. Research has demonstrated the positive impact of immigrants on American job creation: More than 40 percent of all Fortune 500 companies were founded by an immigrant or the child of an immigrant, and each foreign-born advanced degree holder who stays in the U.S. to work in a STEM occupation created an estimated 2.6 American jobs.
The Startup Act 2.0 was originally introduced in the Senate on May 22, 2012 by Senators Jerry Moran (R-KS), Mark Warner (D-VA), Marco Rubio (R-FL), and Christopher Coons (D-DE).
The bill has received industry support from Microsoft, Google, National Small Business Association (NSBA), CTIA, Consumer Electronics Association (CEA), Financial Services Forum, Computer and Communications Industry Association (CCIA), TechAmercia, Information Technology Industry (ITI), Compete America, Silicon Valley Leadership Group, and TechNet.