This legislation is intended to boost our economic recovery by providing greater support for high-paying, high-skilled jobs in science, technology, engineering and mathematics (STEM). It would create a new visa for U.S. educated students and entrepreneurs enabling U.S. employers to begin filling the 300,000 IT related jobs currently open.
While much emphasis has been placed on creating new jobs, Startup Act 2.0 would enable tech companies to begin to fill existing jobs, which are now open as employers search for qualified workers. We believe this will create further opportunities for starting and growing new businesses in the United States.
The legislation also includes two important tax incentives, both of which CompTIA has continually supported:
- Makes permanent the 100% exclusion on capital gains from investments in small start-up companies; and
- Creates a simple research and development tax credit for small start-up companies tied to the W-2 wages paid.
Startup Act 2.0 would also eliminate the artificial per-country caps for employment-based immigrant visas. A primary goal of tech employers is to fill these critical STEM jobs with the best talent, and eliminating this unnecessary barrier is the right step.
CompTIA has sent letters of support to both the House and Senate sponsors. We have urged Congress to move quickly on this legislation. We hope it will follow the path of the popular JOBS Act, which was passed by an overwhelming bi-partisan vote. Support for and creating high-paying, high-skilled STEM jobs in the U.S. should be a national, bi-partisan goal.
