Senator Jerry Moran (R-KS) is leading a bipartisan group in the introduction of a new bill that would encourage foreign entrepreneurs to bring their new businesses to America.

Named Startup Act 3.o, the legislation would allow said entrepreneurs to reside in the Unites States for three years, provided they employ five full-time workers who are not family members.  The new program would be available to up to 75,000 immigrants with an H-1B or F-1 visa who have registered a business that employs at least two full-time workers, and invests or is raising funding of at least $100,000.  The bill contains various incentives such as:

• Elimination of the per-country caps for employment-based immigrant visas which hinder U.S. employers
• Institutes a permanent the exemption of capital gains taxes on the sale of startup stock held for at least five years so investors can provide financial stability at a critical juncture of firm growth
• Creates a limited research and development tax credit for young startups less than five years old and with less than $5 million in annual receipts. This R&D credit is designed to allow startups to offset employee taxes, a vital tool to aid expansion and job creation.

“Entrepreneurs who have an idea, who are wiling to invest money here, ought to be welcome here,” Moran said recently.