Startup Act
This bill amends the Immigration and Nationality Act to authorize the Department of Homeland Security (DHS) to adjust to conditional permanent resident status up to 50,000 aliens who have earned a master's or doctorate degree in a science, technology, engineering, or mathematics (STEM) field and permit such an alien to remain in the United States: (1) for up to one year after the expiration of the alien's student visa if the alien is searching for STEM field employment, and (2) indefinitely if the alien remains actively engaged in a STEM field.
DHS may issue conditional immigrant visas to up to 75,000 qualified alien entrepreneurs.
The per-country numerical limitation for employment-based visas is removed, and the limitation for family-based immigrants is increased.
The Department of Commerce shall: (1) award grants to institutions of higher education to improve the commercialization and transfer of technology, (2) compile information on state laws that affect new business growth, and (3) compile information on new business formation.
The Chinese Student Protection Act of 1992 is amended to eliminate the status adjustment reduction of annual Chinese immigrant visas.
The Stevenson-Wydler Technology Innovation Act of 1980 is amended to revise the regional innovation program.
A federal or independent regulatory agency, before issuing a notice of rulemaking in connection with the issuance of a significant rule (generally, a rule that is likely to have an annual effect on the economy of $100 million or more), shall complete: (1) a review that analyzes the problem that the rule intends to address and its expected impact on state, local, and tribal governments and new businesses; and (2) a cost-benefit analysis.