Dold Touts Bipartisan Startup Act at Northwestern Summit of Immigration and STEM Leaders

Press Release

U.S. Congressman Robert Dold (IL-10, Kellogg "00), along with the U.S. and Illinois Chambers of Commerce, today convened a summit of immigration and STEM leaders at Northwestern University to discuss the Startup Act, a bill to foster job creation through immigration reform. The conversation focused on how the combination of immigration reform and an increased focus on STEM education will jumpstart innovation and economic growth.

"American families and workers rely heavily on the strength of startup companies, which account for a vast majority of net new jobs in our nation's economy," Rep. Dold said. "That's why it's absolutely essential that we not only take action to keep these jobs on our shores but also work to ensure that entrepreneurs have the tools, talent and incentive to create new, well-paying 21st century jobs right here in the United States." Among the Startup Act's key provisions are:

Advanced STEM degree visa program

Creates a new visa program for up to 50,000 foreign students who earn either a Master's degree or Ph.D in science, technology, engineering or math (STEM) from an American institution of higher learning.

Immigrant Entrepreneur visa program

Allows for the issuances of up to 75,000 additional new visas for immigrant entrepreneurs who hold H-1B or F-1 visas and who, within one year of receiving the Startup visa, register at least one new business entity that employs at least two full-time, non-family member employees and invests or raises at least $100,000 in capital.

Tax Incentives for Investment in Startups

Makes permanent the 100 percent capital gains tax exemption on investments held for at least five years in qualified small businesses (entities with less than $50 million in assets).

Creates a limited research and development tax credit for startup companies that are less than five years old and report less than $5 million in annual earnings.

Other attendees at the summit included:

Amy Torf, Founder, Noggin Builders
Fred Hoch, Chief Executive Officer, Illinois Technology Association
Marketa Llindt, Immigration Law, Sidley Austin
Alicia Race, Regional Organizer, fwd.us
Rebecca Shi, Executive Director, Illinois Business Immigration Council
Mark Peters, Senior Corporate Counsel, Caterpillar
Dan Leary, Principal Manager of Government Affairs, T-Mobile
Kiran Panesar, CTO and Founder, MobileX Labs
Achyuta Akella, Software Developer, Asset Corporation
Liz Dong, Assistant Director, Evangelical Immigration Table

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