114th Congress Tries Again To Pass Startup Act

At the start of the 114th Congress, a bi-partisan group of sponsors have reintroduced the Startup Act, a bill that has been kicking around Congress several times over the past four years. The bill has languished during previous attempts to pass it, but the bill’s primary sponsors, Sens. Mark Warner (D-VA) and Jerry Moran (R-KS), believe they have made more amenable some of the provisions believed to have killed the previous proposals. This version of the Startup Act include permanent exemptions from capital gains tax for certain sales of startup equity. The bill also includes immigration reform proposals in the way of eliminating country-based caps on immigration visas, and the creation of new/more STEM visas for foreign students graduating from U.S. universities. There are also regulatory change proposals intended to foster university-based research and development. The Startup Act, like its predecessors, is a high legislative priority for the tech sector. Though Sens. Warner and Moran believe they can get the bill through the Senate, it remains to be seen whether there is significant Republican or bi-partisan support in the House to pass the bill, given the provisions for some (albeit more popular) immigration reforms. Further Reading: http://dcinno.streetwise.co/2015/01/16/the-startup-act-returns-for-its-4th-chance-in-congress/

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