A bipartisan group of senators is looking for a fresh start for legislation to help out start-ups.
On Friday, six lawmakers are introducing a bill that they hope will lend a hand to new small businesses.
{mosads}“As somebody who has spent longer in venture capital than I have in politics, getting a start-up is about access to talent, access to capital, access to innovation and ideas,” said Sen. Mark Warner (D-Va.), who was an early player in the cellphone industry before entering public office. “This bill hits on all of those categories.”
The Startup Act would create a new visa category for science and tech workers and make other changes to U.S. immigration law to help entrepreneurs stay in the country. It would also reform the tax code to give more credits and exemptions to startup companies, require a cost-benefit analysis of major new regulations and encourage universities to bring inventions to market.
The Startup Act has appeared and reappeared in Congress since 2011, but has so far failed to cross the finish line.
Sen. Jerry Moran (R-Kan.), another co-sponsor of the bill, was optimistic that the change in power in the Senate could help change that.
“In large part, the change in the Senate gives us a greater opportunity to have a bill heard in a committee,” he told The Hill. “My experience in the first four years of being a United States senator is that not many pieces of legislation were considered.”
While the changes to immigration law might upset some Republicans and the added hurdle for major new regulations could ruffle some Democrats’ feathers, Moran said that he was hoping for broad bipartisan support.
Tech companies, who have long asked for changes to grow their workforce and encourage more start-ups, are already on board.
“American startups are responsible for strengthening our economy, driving significant job growth and bringing innovative new products to market,” Consumer Electronics Association head Gary Shapiro said in a statement, “Congress needs to make sure that high-skilled labor shortages and outdated regulations don’t hold back this essential sector.”
Conversations to move the bill forward have begun at the staff level, Moran said, and he has also begun talking with committee leaders “one by one.”
In addition to Moran and Warner, Sens. Chris Coons (D-Del.), Roy Blunt (R-Mo.), Amy Klobuchar (D-Minn.) and Tim Kaine (D-Va.) have also signed on to co-sponsor the bill.