Startup Act of 2011
Latest action · Mar 6, 2012 Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 112-482.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 8, 2011
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Startup Act of 2011 - Requires the head of any federal or independent regulatory agency, before issuing a notice of rulemaking in connection with the issuance of a proposed major rule, to complete a review that, among other things, analyzes the problem that the rule intends to address, and identifies and analyzes the rule's expected impact on state, local, and tribal governments, as well as on the ability of new businesses to form and expand. Requires a rule cost-benefit analysis.
Amends the Internal Revenue Code to: (1) provide a permanent full tax exclusion on gain from the sale or exchange of qualified small business stock held for more than five years, (2) repeal the minimum tax preference and the 28% capital gains rate on such stock, and (3) provide a limited tax credit for certain startup small businesses.
Directs the Comptroller General to assess the costs and benefits to prospective investors, shareholders, and securities markets of allowing smaller stock issuers to opt out of company regulatory requirements of the Sarbanes-Oxley Act of 2002.
Directs the Secretary of Commerce to use certain federal agency extramural budget funds to award grants to institutions of higher education for initiatives to improve the commercialization and expedited transfer of university-based research and resultant technology. Establishes the Committee on Research Commercialization Improvement.
Amends the Immigration and Nationality Act to authorize the Secretary of Homeland Security to: (1) adjust to conditional permanent resident the status of up to 50,000 aliens who have earned a master's or doctorate degree in a science, technology, engineering, or mathematics field (STEM); and (2) issue a conditional immigrant visa to up to 75,000 qualified alien entrepreneurs.
Directs the Secretary of Commerce to regularly compile: (1) information from each of the states and the District of Columbia on laws that affect the formation and growth of new businesses, and (2) quantitative and qualitative information on U.S. businesses that are not more than one year old. Requires related reports.
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from Dec 8, 2011 to Mar 6, 2012, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-VA | Mark R. Warner | Original | Dec 8, 2011 |
| R-MO | Roy Blunt | Mar 6, 2012 |
Actions 3
Everything that happened, newest first.
- Mar 6, 2012Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 112-482.
- Dec 8, 2011Introduced in Senate
- Dec 8, 2011Read twice and referred to the Committee on Finance.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 4139 | To amend the Internal Revenue Code of 1986 to extend permanently the 100 percent exclusion of gain from the sale or exchange of qualified small business stock. | Related bill | Mar 5, 2012 |
| HR 4226 | To amend the Internal Revenue Code of 1986 to make permanent the full exclusion applicable to qualified small business stock. | Related bill | Mar 20, 2012 |
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
- Accounting and auditing
- Administrative law and regulatory procedures
- Advisory bodies
- Business investment and capital
- Capital gains tax
- Census and government statistics
- Commerce
- Congressional oversight
- Corporate finance and management
- Economic performance and conditions
- Education programs funding
- Financial services and investments
- Foreign labor
- Government information and archives
- Higher education
- Immigration status and procedures
- Income tax credits
- Income tax exclusion
- Income tax rates
- Research administration and funding
- Research and development
- Science and engineering education
- Securities
- Small business
- State and local government operations
- Teaching, teachers, curricula
- Technology transfer and commercialization
- Visas and passports
Text 1
Each version as it was printed, newest first.
- Dec 8, 2011Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.