Very little attention is being paid as yet to a bi-partisan bill that could usher in just the help our small business community needs to bounce out of it’s current malaise. It’s called the Startup Act.
The Startup Act does the following:
- It exempts many small business stocks from capital gains, if held five years.
- It reduces our bureaucratic burden. Sarbanes-Oxley‘s needless, time-wasting compliance is to eased for entrepreneurial companies. The Startup Act also requires all government agencies to present a cost benefit analysis of any new regulations with estimated impact over $100 million or more on small business. This would reduce future regulatory overreach.
- The Startup Act facilitates immigration of entrepreneurial talent and skilled workers. A new category of Visa, would be created just for the purpose of providing a pathway for foreign students at American universities with advanced degrees in science, technology, engineering, or mathematics to be issued green cards along with their diplomas. In an op-ed in the Wall Street Journal, p. A13, February 7, 2012, Senator Mark Warner (D-Virginia) and Senator Jerry Moran (R-Kansas), co-sponsors of the Startup Act, cite researchers at Duke and the University of California at Berkeley who have found that “more than a quarter of technology and engineering companies created in the US between 1995 and 2005 had at least one key partner who was foreign-born. In 2005 alone, researchers found these companies produced $52 billion in sales and employed 450,000.”
- The Act further instructs the Department of Commerce to assess state and local policies that aid or hinder in the development of new businesses. (Look out California, New Jersey, New York, Illinois.)
The Startup Act is a practical common sense bill that has minimal cost in a time of austerity. It is a simple, elegant emollient for the damaged job-producing entrepreneurial sector of our economy. It’s a bill that simplifies rather than complicates. It avoids and begins to cure all the distopian statism that has been such a drag on small business in the last three years.
Even in an election year the simple common sense of the legislation is compelling. Surely such good legislation that militates a bi-partisan economic palliative can summon support, even in a contentious election year.
On the other hand, as Voltaire said, “Common sense is not so common.”