In December, The Startup Act was introduced in U.S. Senate. This bi-partisan bill was co-sponsored by Senator Jerry Moran (R-KS) and Senator Mark Warner (D-VA).
The big ideas behind this bill are to increase startup companies’ access to capital and critical resources and to remove regulatory roadblocks that are inhibiting entrepreneurs.
The bill provides full tax exclusion on capital gains from qualifying investments in Qualified Small Businesses and tax credits and exclusions for Qualified Small Businesses in their first three years of taxable profitability.
The bill opens the door on Sarbanes-Oxley reform, puts in a review process to guard against future undue regulatory burdens to small businesses and provides a path to attract STEM masters and Ph.D. graduates.
Senator Moran, who is clearly a believer in the power of startups, has a Web page devoted to this bill.
There’s a great eye-opener quiz for anyone who doubts the importance of startups. I won’t be a spoiler –- but here are a couple of the questions:
- How many jobs do entrepreneurs and startup firms create each year?
- True or False – it takes a good economy for a start up to succeed?
There’s a link to a conversational video explain why new firms create so many jobs.
And there’s an invitation for entrepreneurs to share your story.
Much of the time, entrepreneurship can be a solitary game. It’s important to remember that there is tremendous power in community. There is a growing awareness among national legislators and policymakers that startups are the economic engine of growth.
Let’s give them more to talk about.