II 

112TH CONGRESS 

2D SESSION S. 3217 

To jump-start economic recovery through the formation and growth of new 

businesses, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MAY 22, 2012 

Mr. MORAN (for himself, Mr. WARNER, Mr. COONS, Mr. RUBIO, and Mr. 

BLUNT) introduced the following bill; which was read twice and referred 

to the Committee on Finance 

A BILL 

To jump-start economic recovery through the formation and 

growth of new businesses, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Startup Act 2.0’’. 

6 (b) TABLE OF CONTENTS.—The table of contents for 

7 this Act is as follows: 

Sec. 1. Short title; table of contents. 

Sec. 2. Findings. 

Sec. 3. Conditional permanent resident status for immigrants with an advanced 

degree in a STEM field. 

Sec. 4. Immigrant entrepreneurs. 


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Sec. 5. Elimination of the per-country numerical limitation for employmentbased visas. 

Sec. 6. Capital gains tax exemption for startup companies. 

Sec. 7. Research credit for startup companies. 

Sec. 8. Accelerated commercialization of taxpayer-funded research. 

Sec. 9. Economic impact of major Federal agency rules. 

Sec. 10. Biennial State startup business report. 

Sec. 11. New business formation report. 

Sec. 12. Rescission of unspent Federal funds. 

1 SEC. 2. FINDINGS. 

2 Congress makes the following findings: 

3 (1) Achieving economic recovery will require the 

4 formation and growth of new companies. 

5 (2) Between 1980 and 2005, companies less 

6 than 5 years old accounted for nearly all net job cre7 ation in the United States. 

8 (3) New firms in the United States create an 

9 average of 3,000,000 jobs per year. 

10 (4) To get Americans back to work, entre11 preneurs must be free to innovate, create new com12 panies, and hire employees. 

13 SEC. 3. CONDITIONAL PERMANENT RESIDENT STATUS FOR 

14 IMMIGRANTS WITH AN ADVANCED DEGREE 

15 IN A STEM FIELD. 

16 (a) IN GENERAL.—Chapter 2 of title II of the Immi17 gration and Nationality Act (8 U.S.C. 1181 et seq.) is 

18 amended by inserting after section 216A the following: 


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1 ‘‘SEC. 216B. CONDITIONAL PERMANENT RESIDENT STATUS 

2 FOR ALIENS WITH AN ADVANCED DEGREE IN 

3 A STEM FIELD. 

4 ‘‘(a) IN GENERAL.—Notwithstanding any other pro5 vision of this Act, the Secretary of Homeland Security 

6 may adjust the status of not more than 50,000 aliens who 

7 have earned a master’s degree or a doctorate degree at 

8 an institution of higher education in a STEM field to that 

9 of an alien conditionally admitted for permanent residence 

10 and authorize each alien granted such adjustment of sta11 tus to remain in the United States— 

12 ‘‘(1) for up to 1 year after the expiration of the 

13 alien’s student visa under section 101(a)(15)(F)(i) if 

14 the alien is diligently searching for an opportunity to 

15 become actively engaged in a STEM field; and 

16 ‘‘(2) indefinitely if the alien remains actively en17 gaged in a STEM field. 

18 ‘‘(b) APPLICATION FOR CONDITIONAL PERMANENT

19 RESIDENT STATUS.—Every alien applying for a condi20 tional permanent resident status under this section shall 

21 submit an application to the Secretary of Homeland Secu22 rity before the expiration of the alien’s student visa in 

23 such form and manner as the Secretary shall prescribe 

24 by regulation. 

25 ‘‘(c) INELIGIBILITY FOR FEDERAL GOVERNMENT AS26 SISTANCE.—An alien granted conditional permanent resiVerDate Mar 15 2010 03:51 May 23, 2012 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S3217.IS S3217

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1 dent status under this section shall not be eligible, while 

2 in such status, for— 

3 ‘‘(1) any unemployment compensation (as de4 fined in section 85(b) of the Internal Revenue Code 

5 of 1986); or 

6 ‘‘(2) any Federal means-tested public benefit 

7 (as that term is used in section 403 of the Personal 

8 Responsibility and Work Opportunity Reconciliation 

9 Act of 1996 (8 U.S.C. 1613)). 

10 ‘‘(d) EFFECT ON NATURALIZATION RESIDENCY RE11 QUIREMENT.—An alien granted conditional permanent 

12 resident status under this section shall be deemed to have 

13 been lawfully admitted for permanent residence for pur14 poses of meeting the 5-year residency requirement set 

15 forth in section 316(a)(1). 

16 ‘‘(e) REMOVAL OF CONDITION.—The Secretary of 

17 Homeland Security shall remove the conditional basis of 

18 an alien’s conditional permanent resident status under 

19 this section on the date that is 5 years after the date such 

20 status was granted if the alien maintained his or her eligi21 bility for such status during the entire 5-year period. 

22 ‘‘(f) DEFINITIONS.—In this section: 

23 ‘‘(1) ACTIVELY ENGAGED IN A STEM FIELD.— 

24 The term ‘actively engaged in a STEM field’— 

25 ‘‘(A) means— 


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1 ‘‘(i) gainfully employed in a for-profit 

2 business or nonprofit organization in the 

3 United States in a STEM field; 

4 ‘‘(ii) teaching 1 or more STEM field 

5 courses at an institution of higher edu6 cation; or 

7 ‘‘(iii) employed by a Federal, State, or 

8 local government entity; and 

9 ‘‘(B) includes any period of up to 6 

10 months during which the alien does not meet 

11 the requirement under subparagraph (A) if 

12 such period was immediately preceded by a 1- 

13 year period during which the alien met the re14 quirement under subparagraph (A). 

15 ‘‘(2) INSTITUTION OF HIGHER EDUCATION.— 

16 The term ‘institution of higher education’ has the 

17 meaning given the term in section 101(a) of the 

18 Higher Education Act of 1965 (20 U.S.C. 1001(a)). 

19 ‘‘(3) STEM FIELD.—The term ‘STEM field’ 

20 means any field of study or occupation included on 

21 the most recent STEM-Designated Degree Program 

22 List published in the Federal Register by the De23 partment of Homeland Security (as described in sec24 tion 214.2(f)(11)(i)(C)(2) of title 8, Code of Federal 

25 Regulations).’’. 


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1 (b) CLERICAL AMENDMENT.—The table of contents 

2 for the Immigration and Nationality Act (8 U.S.C. 1101 

3 et seq.) is amended by inserting after the item relating 

4 to section 216A the following: 

‘‘Sec. 216B. Conditional permanent resident status for aliens with an advanced 

degree in a STEM field.’’. 

5 (c) GOVERNMENT ACCOUNTABILITY OFFICE

6 STUDY.— 

7 (1) IN GENERAL.—Not later than 3 years after 

8 the date of the enactment of this Act, the Comp9 troller General of the United States shall submit to 

10 Congress a report on the alien college graduates 

11 granted immigrant status under section 216B of the 

12 Immigration and Nationality Act, as added by sub13 section (a). 

14 (2) CONTENTS.—The report described in para15 graph (1) shall include— 

16 (A) the number of aliens described in para17 graph (1) who have earned a master’s degree, 

18 broken down by the number of such degrees in 

19 science, technology, engineering, and mathe20 matics; 

21 (B) the number of aliens described in 

22 paragraph (1) who have earned a doctorate de23 gree, broken down by the number of such deVerDate Mar 15 2010 03:51 May 23, 2012 Jkt 019200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\S3217.IS S3217

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1 grees in science, technology, engineering, and 

2 mathematics; 

3 (C) the number of aliens described in para4 graph (1) who have founded a business in the 

5 United States in a STEM field; 

6 (D) the number of aliens described in 

7 paragraph (1) who are employed in the United 

8 States in a STEM field, broken down by em9 ployment sector (for profit, nonprofit, or gov10 ernment); and 

11 (E) the number of aliens described in para12 graph (1) who are employed by an institution of 

13 higher education. 

14 (3) DEFINITIONS.—The terms ‘‘institution of 

15 higher education’’ and ‘‘STEM field’’ have the 

16 meaning given such terms in section 216B(f) of the 

17 Immigration and Nationality Act, as added by sub18 section (a). 

19 SEC. 4. IMMIGRANT ENTREPRENEURS. 

20 (a) QUALIFIED ALIEN ENTREPRENEURS.— 

21 (1) ADMISSION AS IMMIGRANTS.—Chapter 1 of 

22 title II of the Immigration and Nationality Act (8 

23 U.S.C. 1151 et seq.) is amended by adding at the 

24 end the following: 


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1 ‘‘SEC. 210A. QUALIFIED ALIEN ENTREPRENEURS. 

2 ‘‘(a) ADMISSION AS IMMIGRANTS.—The Secretary of 

3 Homeland Security, in accordance with the provisions of 

4 this section and section 216A, may issue a conditional im5 migrant visa to not more than 75,000 qualified alien en6 trepreneurs. 

7 ‘‘(b) APPLICATION FOR CONDITIONAL PERMANENT

8 RESIDENT STATUS.—Every alien applying for a condi9 tional immigrant visa under this section shall submit an 

10 application to the Secretary of Homeland Security in such 

11 form and manner as the Secretary shall prescribe by regu12 lation. 

13 ‘‘(c) REVOCATION.—If, during the 4-year period be14 ginning on the date that an alien is granted a visa under 

15 this section, the Secretary of Homeland Security deter16 mines that such alien is no longer a qualified alien entre17 preneur, the Secretary shall— 

18 ‘‘(1) revoke such visa; and 

19 ‘‘(2) notify the alien that the alien— 

20 ‘‘(A) may voluntarily depart from the 

21 United States in accordance to section 240B; or 

22 ‘‘(B) will be subject to removal proceedings 

23 under section 240 if the alien does not depart 

24 from the United States not later than 6 months 

25 after receiving such notification. 


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1 ‘‘(d) REMOVAL OF CONDITIONAL BASIS.—The Sec2 retary of Homeland Security shall remove the conditional 

3 basis of the status of an alien issued an immigrant visa 

4 under this section on that date that is 4 years after the 

5 date on which such visa was issued if such visa was not 

6 revoked pursuant to subsection (c). 

7 ‘‘(e) DEFINITIONS.—In this section: 

8 ‘‘(1) FULL-TIME EMPLOYEE.—The term ‘full9 time employee’ means a United States citizen or 

10 legal permanent resident who is paid by the new 

11 business entity registered by a qualified alien entre12 preneur at a rate that is comparable to the median 

13 income of employees in the region. 

14 ‘‘(2) INSTITUTION OF HIGHER EDUCATION.— 

15 The term ‘institution of higher education’ has the 

16 meaning given the term in section 101(a) of the 

17 Higher Education Act of 1965 (20 U.S.C. 1001(a)). 

18 ‘‘(3) QUALIFIED ALIEN ENTREPRENEUR.—The 

19 term ‘qualified alien entrepreneur’ means an alien 

20 who— 

21 ‘‘(A) at the time the alien applies for an 

22 immigrant visa under this section— 

23 ‘‘(i) is lawfully present in the United 

24 States; and 


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1 ‘‘(ii)(I) holds a nonimmigrant visa 

2 pursuant to section 101(a)(15)(H)(i)(b); or 

3 ‘‘(II) has completed or will complete a 

4 graduate level degree in a STEM field 

5 from an institution of higher education; 

6 ‘‘(B) during the 1-year period beginning on 

7 the date the alien is granted a visa under this 

8 section— 

9 ‘‘(i) registers at least 1 new business 

10 entity in a State; 

11 ‘‘(ii) employs, at such business entity 

12 in the United States, at least 2 full-time 

13 employees who are not relatives of the 

14 alien; and 

15 ‘‘(iii) invests, or raises capital invest16 ment of, not less than $100,000 in such 

17 business entity; and 

18 ‘‘(C) during the 3-year period beginning on 

19 the last day of the 1-year period described in 

20 paragraph (2), employs, at such business entity 

21 in the United States, an average of at least 5 

22 full-time employees who are not relatives of the 

23 alien. 

24 ‘‘(4) STEM FIELD.—The term ‘STEM field’ 

25 means any field of study or occupation included on 


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1 the most recent STEM-Designated Degree Program 

2 List published in the Federal Register by the De3 partment of Homeland Security (as described in sec4 tion 214.2(f)(11)(i)(C)(2) of title 8, Code of Federal 

5 Regulations).’’. 

6 (2) TABLE OF CONTENTS AMENDMENT.—The 

7 table of contents in the first section of the Immigra8 tion and Nationality Act (8 U.S.C. 1101 et seq.) is 

9 amended by adding after the item relating to section 

10 210 the following: 

‘‘Sec. 210A. Qualified alien entrepreneurs.’’. 

11 (b) CONDITIONAL PERMANENT RESIDENT STA12 TUS.—Section 216A of the Immigration and Nationality 

13 Act (8 U.S.C. 1186b) is amended— 

14 (1) by striking ‘‘Attorney General’’ each place 

15 such term appears and inserting ‘‘Secretary of 

16 Homeland Security’’; 

17 (2) in subsection (b)(1)(C), by striking 

18 ‘‘203(b)(5),’’ and inserting ‘‘203(b)(5) or 210A, as 

19 appropriate,’’; 

20 (3) in subsection (c)(1), by striking ‘‘alien en21 trepreneur must’’ each place such term appears and 

22 inserting ‘‘alien entrepreneur shall’’; 

23 (4) in subsection (d)(1)(B), by striking the pe24 riod at the end and inserting ‘‘or 210A, as appro25 priate.’’; and 


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1 (5) in subsection (f)(1), by striking the period 

2 at the end and inserting ‘‘or 210A.’’. 

3 (c) GOVERNMENT ACCOUNTABILITY OFFICE

4 STUDY.— 

5 (1) IN GENERAL.—Not later than 3 years after 

6 the date of the enactment of this Act, the Comp7 troller General of the United States shall submit to 

8 Congress a report on the qualified alien entre9 preneurs granted immigrant status under section 

10 210A of the Immigration and Nationality Act, as 

11 added by subsection (a). 

12 (2) CONTENTS.—The report described in para13 graph (1) shall include information regarding— 

14 (A) the number of qualified alien entre15 preneurs who have received immigrant status 

16 under section 210A of the Immigration and Na17 tionality Act, as added by subsection (a), listed 

18 by country of origin; 

19 (B) the localities in which such qualified 

20 alien entrepreneurs have initially settled; 

21 (C) whether such qualified alien entre22 preneurs generally remain in the localities in 

23 which they initially settle; 


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1 (D) the types of commercial enterprises 

2 that such qualified alien entrepreneurs have es3 tablished; and 

4 (E) the types and number of jobs created 

5 by such qualified alien entrepreneurs. 

6 SEC. 5. ELIMINATION OF THE PER-COUNTRY NUMERICAL 

7 LIMITATION FOR EMPLOYMENT-BASED 

8 VISAS. 

9 (a) IN GENERAL.—Section 202(a)(2) of the Immi10 gration and Nationality Act (8 U.S.C. 1152(a)(2)) is 

11 amended— 

12 (1) in the paragraph heading, by striking ‘‘AND

13 EMPLOYMENT-BASED’’; 

14 (2) by striking ‘‘(3), (4), and (5),’’ and insert15 ing ‘‘(3) and (4),’’; 

16 (3) by striking ‘‘subsections (a) and (b) of sec17 tion 203’’ and inserting ‘‘section 203(a)’’; 

18 (4) by striking ‘‘7’’ and inserting ‘‘15’’; and 

19 (5) by striking ‘‘such subsections’’ and inserting 

20 ‘‘such section’’. 

21 (b) CONFORMING AMENDMENTS.—Section 202 of the 

22 Immigration and Nationality Act (8 U.S.C. 1152) is 

23 amended— 


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1 (1) in subsection (a)(3), by striking ‘‘both sub2 sections (a) and (b) of section 203’’ and inserting 

3 ‘‘section 203(a)’’; 

4 (2) by striking subsection (a)(5); and 

5 (3) by amending subsection (e) to read as fol6 lows: 

7 ‘‘(e) SPECIAL RULES FOR COUNTRIES AT CEILING.— 

8 If it is determined that the total number of immigrant 

9 visas made available under section 203(a) to natives of 

10 any single foreign state or dependent area will exceed the 

11 numerical limitation specified in subsection (a)(2) in any 

12 fiscal year, in determining the allotment of immigrant visa 

13 numbers to natives under section 203(a), visa numbers 

14 with respect to natives of that state or area shall be allo15 cated (to the extent practicable and otherwise consistent 

16 with this section and section 203) in a manner so that, 

17 except as provided in subsection (a)(4), the proportion of 

18 the visa numbers made available under each of paragraphs 

19 (1) through (4) of section 203(a) is equal to the ratio of 

20 the total number of visas made available under the respec21 tive paragraph to the total number of visas made available 

22 under section 203(a).’’. 

23 (c) COUNTRY-SPECIFIC OFFSET.—Section 2 of the 

24 Chinese Student Protection Act of 1992 (8 U.S.C. 1255 

25 note) is amended— 


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1 (1) in subsection (a), by striking ‘‘subsection 

2 (e))’’ and inserting ‘‘subsection (d))’’; and 

3 (2) by striking subsection (d) and redesignating 

4 subsection (e) as subsection (d). 

5 (d) EFFECTIVE DATE.—The amendments made by 

6 this section shall take effect as if enacted on September 

7 30, 2011, and shall apply to fiscal years beginning with 

8 fiscal year 2012. 

9 (e) TRANSITION RULES FOR EMPLOYMENT-BASED

10 IMMIGRANTS.— 

11 (1) IN GENERAL.—Subject to the succeeding 

12 paragraphs of this subsection and notwithstanding 

13 title II of the Immigration and Nationality Act (8 

14 U.S.C. 1151 et seq.), the following rules shall apply: 

15 (A) For fiscal year 2012, 15 percent of the 

16 immigrant visas made available under each of 

17 paragraphs (2) and (3) of section 203(b) of 

18 such Act (8 U.S.C. 1153(b)) shall be allotted to 

19 immigrants who are natives of a foreign state 

20 or dependent area that was not one of the two 

21 states with the largest aggregate numbers of 

22 natives obtaining immigrant visas during fiscal 

23 year 2010 under such paragraphs. 

24 (B) For fiscal year 2013, 10 percent of the 

25 immigrant visas made available under each of 


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1 such paragraphs shall be allotted to immigrants 

2 who are natives of a foreign state or dependent 

3 area that was not one of the two states with the 

4 largest aggregate numbers of natives obtaining 

5 immigrant visas during fiscal year 2011 under 

6 such paragraphs. 

7 (C) For fiscal year 2014, 10 percent of the 

8 immigrant visas made available under each of 

9 such paragraphs shall be allotted to immigrants 

10 who are natives of a foreign state or dependent 

11 area that was not one of the two states with the 

12 largest aggregate numbers of natives obtaining 

13 immigrant visas during fiscal year 2012 under 

14 such paragraphs. 

15 (2) PER-COUNTRY LEVELS.— 

16 (A) RESERVED VISAS.—With respect to 

17 the visas reserved under each of subparagraphs 

18 (A) through (C) of paragraph (1), the number 

19 of such visas made available to natives of any 

20 single foreign state or dependent area in the ap21 propriate fiscal year may not exceed 25 percent 

22 (in the case of a single foreign state) or 2 per23 cent (in the case of a dependent area) of the 

24 total number of such visas. 


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1 (B) UNRESERVED VISAS.—With respect to 

2 the immigrant visas made available under each 

3 of paragraphs (2) and (3) of section 203(b) of 

4 such Act (8 U.S.C. 1153(b)) and not reserved 

5 under paragraph (1), for each of fiscal years 

6 2012, 2013, and 2014, not more than 85 per7 cent shall be allotted to immigrants who are na8 tives of any single foreign state. 

9 (3) SPECIAL RULE TO PREVENT UNUSED

10 VISAS.—If, with respect to fiscal year 2012, 2013, or 

11 2014, the operation of paragraphs (1) and (2) of 

12 this subsection would prevent the total number of 

13 immigrant visas made available under paragraph (2) 

14 or (3) of section 203(b) of such Act (8 U.S.C. 

15 1153(b)) from being issued, such visas may be 

16 issued during the remainder of such fiscal year with17 out regard to paragraphs (1) and (2) of this sub18 section. 

19 (4) RULES FOR CHARGEABILITY.—Section 

20 202(b) of the Immigration and Nationality Act (8 

21 U.S.C. 1152(b)) shall apply in determining the for22 eign state to which an alien is chargeable for pur23 poses of this subsection. 


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1 SEC. 6. CAPITAL GAINS TAX EXEMPTION FOR STARTUP 

2 COMPANIES. 

3 (a) PERMANENT FULL EXCLUSION.— 

4 (1) IN GENERAL.—Subsection (a) of section 

5 1202 of the Internal Revenue Code of 1986 is 

6 amended to read as follows: 

7 ‘‘(a) EXCLUSION.—In the case of a taxpayer other 

8 than a corporation, gross income shall not include 100 

9 percent of any gain from the sale or exchange of qualified 

10 small business stock held for more than 5 years.’’. 

11 (2) CONFORMING AMENDMENTS.— 

12 (A) The heading for section 1202 of such 

13 Code is amended by striking ‘‘PARTIAL’’. 

14 (B) The item relating to section 1202 in 

15 the table of sections for part I of subchapter P 

16 of chapter 1 of such Code is amended by strik17 ing ‘‘Partial exclusion’’ and inserting ‘‘Exclu18 sion’’. 

19 (C) Section 1223(13) of such Code is 

20 amended by striking ‘‘1202(a)(2),’’. 

21 (b) REPEAL OF MINIMUM TAX PREFERENCE.— 

22 (1) IN GENERAL.—Subsection (a) of section 57 

23 of the Internal Revenue Code of 1986 is amended by 

24 striking paragraph (7). 


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1 (2) TECHNICAL AMENDMENT.—Subclause (II) 

2 of section 53(d)(1)(B)(ii) of such Code is amended 

3 by striking ‘‘, (5), and (7)’’ and inserting ‘‘and (5)’’. 

4 (c) REPEAL OF 28 PERCENT CAPITAL GAINS RATE

5 ON QUALIFIED SMALL BUSINESS STOCK.— 

6 (1) IN GENERAL.—Subparagraph (A) of section 

7 1(h)(4) of the Internal Revenue Code of 1986 is 

8 amended to read as follows: 

9 ‘‘(A) collectibles gain, over’’. 

10 (2) CONFORMING AMENDMENTS.— 

11 (A) Section 1(h) of such Code is amended 

12 by striking paragraph (7). 

13 (B)(i) Section 1(h) of such Code is amend14 ed by redesignating paragraphs (8), (9), (10), 

15 (11), (12), and (13) as paragraphs (7), (8), (9), 

16 (10), (11), and (12), respectively. 

17 (ii) Sections 163(d)(4)(B), 854(b)(5), 

18 857(c)(2)(D) of such Code are each amended 

19 by striking ‘‘section 1(h)(11)(B)’’ and inserting 

20 ‘‘section 1(h)(10)(B)’’. 

21 (iii) The following sections of such Code 

22 are each amended by striking ‘‘section 

23 1(h)(11)’’ and inserting ‘‘section 1(h)(10)’’: 

24 (I) Section 301(f)(4). 

25 (II) Section 306(a)(1)(D). 


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1 (III) Section 584(c). 

2 (IV) Section 702(a)(5). 

3 (V) Section 854(a). 

4 (VI) Section 854(b)(2). 

5 (iv) The heading of section 857(c)(2) is 

6 amended by striking ‘‘1(h)(11)’’ and inserting 

7 ‘‘1(h)(10)’’. 

8 (d) EFFECTIVE DATE.—The amendments made by 

9 this section apply to stock acquired after December 31, 

10 2012. 

11 SEC. 7. RESEARCH CREDIT FOR STARTUP COMPANIES. 

12 (a) IN GENERAL.— 

13 (1) IN GENERAL.—Section 41 of the Internal 

14 Revenue Code of 1986 is amended by adding at the 

15 end the following new subsection: 

16 ‘‘(i) TREATMENT OF CREDIT TO QUALIFIED SMALL

17 BUSINESSES.— 

18 ‘‘(1) IN GENERAL.—For purposes of sub19 sections (b) and (c) of section 6401, the amount of 

20 the credit determined under this section which is at21 tributable to a qualified small business shall be 

22 treated as a credit allowed under subpart C of part 

23 IV of subchapter A for the taxable year (and not 

24 under any other subpart). For purposes of section 

25 6425, any amount treated as so allowed shall be 


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1 treated as a payment of estimated income tax for 

2 the taxable year. 

3 ‘‘(2) PER TAXPAYER LIMITATION.—The amount 

4 of overpayment by reason of paragraph (1) for any 

5 qualified small business for any taxable year shall 

6 not exceed the lesser of— 

7 ‘‘(A) $250,000, or 

8 ‘‘(B) 20 percent of the W–2 wages (as de9 fined in section 199(b)(2), determined without 

10 regard to subparagraphs (B) and (D) thereof) 

11 of the qualified small business for the taxable 

12 year. 

13 ‘‘(3) TEMPORAL LIMITATION.—Paragraph (1) 

14 shall not apply with respect to a qualified small busi15 ness if there has been an overpayment by such quali16 fied small business by reason of paragraph (1) with 

17 respect to 5 or more preceding taxable years. 

18 ‘‘(4) QUALIFIED SMALL BUSINESS.—For pur19 poses of this subsection the term ‘qualified small 

20 business’ means, with respect to any taxable year, 

21 any person if— 

22 ‘‘(A) the gross receipts (as determined 

23 under subsection (c)(7)) of such person for the 

24 taxable year is less than $5,000,000, and 


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1 ‘‘(B) such person did not have gross re2 ceipts for any period preceding the 5-taxable3 year period ending with such taxable year. 

4 ‘‘(5) AGGREGATION RULES.—For purposes of 

5 determining the limitation under paragraph (2) and 

6 determining gross receipts under paragraph (4)(A), 

7 all members of the same controlled group of corpora8 tions (within the meaning of section 267(f)) and all 

9 persons under common control (within the meaning 

10 of section 52(b) but determined by treating an inter11 est of more than 50 percent as a controlling inter12 est) shall be treated as 1 person. 

13 ‘‘(6) REGULATIONS.—The Secretary shall pre14 scribe such regulations as may be necessary to carry 

15 out the purposes of this subsection, including— 

16 ‘‘(A) regulations to prevent the avoidance 

17 of the purposes of paragraph (4)(B) through 

18 the use of successor companies or other means, 

19 and 

20 ‘‘(B) regulations to minimize compliance 

21 and recordkeeping burdens under this sub22 section for start-up companies.’’. 

23 (2) CONFORMING AMENDMENTS.— 

24 (A) Subsection (g) of section 41 of the In25 ternal Revenue Code of 1986 is amended by 


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1 adding at the end the following new sentence: 

2 ‘‘This subsection shall not apply with respect to 

3 any amount determined under subsection (a) to 

4 which subsection (i) applies.’’. 

5 (B) Section 1324(b)(2) of title 31, United 

6 States Code, is amended by inserting ‘‘41(i),’’ 

7 after ‘‘36A,’’. 

8 (b) EFFECTIVE DATE.—The amendments made by 

9 this section shall apply to taxable years beginning after 

10 December 31, 2011. 

11 SEC. 8. ACCELERATED COMMERCIALIZATION OF TAX12 PAYER-FUNDED RESEARCH. 

13 (a) DEFINITIONS.—In this section, the following defi14 nitions shall apply: 

15 (1) COUNCIL.—The term ‘‘Council’’ means the 

16 Advisory Council on Innovation and Entrepreneur17 ship of the Department of Commerce established 

18 pursuant to section 25(c) of the Stevenson-Wydler 

19 Technology Innovation Act of 1980 (15 U.S.C. 

20 3720(c)). 

21 (2) EXTRAMURAL BUDGET.—The term ‘‘extra22 mural budget’’ means the sum of the total obliga23 tions minus amounts obligated for such activities by 

24 employees of the agency in or through Government25 owned, Government-operated facilities, except that 


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1 for the Department of Energy it shall not include 

2 amounts obligated for atomic energy defense pro3 grams solely for weapons activities or for naval reac4 tor programs, and except that for the Agency for 

5 International Development it shall not include 

6 amounts obligated solely for general institutional 

7 support of international research centers or for 

8 grants to foreign countries. 

9 (3) INSTITUTION OF HIGHER EDUCATION.—The 

10 term ‘‘institution of higher education’’ has the 

11 meaning given the term in section 101(a) of the 

12 Higher Education Act of 1965 (20 U.S.C. 1001(a)). 

13 (4) RESEARCH OR RESEARCH AND DEVELOP14 MENT.—The term ‘‘research’’ or ‘‘research and de15 velopment’’ means any activity that is— 

16 (A) a systematic, intensive study directed 

17 toward greater knowledge or understanding of 

18 the subject studied; 

19 (B) a systematic study directed specifically 

20 toward applying new knowledge to meet a rec21 ognized need; or 

22 (C) a systematic application of knowledge 

23 toward the production of useful materials, de24 vices, and systems or methods, including design, 

25 development, and improvement of prototypes 


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1 and new processes to meet specific require2 ments. 

3 (5) SECRETARY.—The term ‘‘Secretary’’ means 

4 the Secretary of Commerce. 

5 (b) GRANT PROGRAM AUTHORIZED.— 

6 (1) IN GENERAL.—Each Federal agency that 

7 has an extramural budget for research or research 

8 and development that is in excess of $100,000,000 

9 for each of fiscal years 2013 through 2017, shall 

10 transfer 0.15 percent of such extramural budget for 

11 each of such fiscal years to the Secretary to enable 

12 the Secretary to carry out a grant program in ac13 cordance with this subsection. 

14 (2) GRANTS.— 

15 (A) AWARDING OF GRANTS.— 

16 (i) IN GENERAL.—From funds trans17 ferred under paragraph (1), the Secretary 

18 shall use the criteria developed by the 

19 Council to award grants to institutions of 

20 higher education, including consortia of in21 stitutions of higher education, for initia22 tives to improve commercialization and 

23 transfer of technology. 

24 (ii) REQUEST FOR PROPOSALS.—Not 

25 later than 30 days after the Council subVerDate Mar 15 2010 03:51 May 23, 2012 Jkt 019200 PO 00000 Frm 00025 Fmt 6652 Sfmt 6201 E:\BILLS\S3217.IS S3217

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1 mits the recommendations for criteria to 

2 the Secretary under subsection (c)(4)(B), 

3 and annually thereafter for each fiscal year 

4 for which the grant program is authorized, 

5 the Secretary shall release a request for 

6 proposals. 

7 (iii) APPLICATIONS.—Each institution 

8 of higher education that desires to receive 

9 a grant under this subsection shall submit 

10 an application to the Secretary not later 

11 than 90 days after the Secretary releases 

12 the request for proposals under clause (ii). 

13 (iv) COUNCIL REVIEW.— 

14 (I) IN GENERAL.—The Secretary 

15 shall submit each application received 

16 under clause (iii) to the Council for 

17 Council review. 

18 (II) RECOMMENDATIONS.—The 

19 Council shall review each application 

20 received under subclause (I) and sub21 mit recommendations for grant 

22 awards to the Secretary, including 

23 funding recommendations for each 

24 proposal. 


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1 (III) PUBLIC RELEASE.—The 

2 Council shall publicly release any rec3 ommendations made under subclause 

4 (II). 

5 (IV) CONSIDERATION OF REC6 OMMENDATIONS.—In awarding grants 

7 under this subsection, the Secretary 

8 shall take into consideration the rec9 ommendations of the Council under 

10 subclause (II). 

11 (B) COMMERCIALIZATION CAPACITY

12 BUILDING GRANTS.— 

13 (i) IN GENERAL.—The Secretary shall 

14 award grants to support institutions of 

15 higher education pursuing specific innova16 tive initiatives to improve an institution’s 

17 capacity to commercialize faculty research 

18 that can be widely adopted if the research 

19 yields measurable results. 

20 (ii) CONTENT OF PROPOSALS.— 

21 Grants shall be awarded under this sub22 paragraph to proposals demonstrating the 

23 capacity for accelerated commercialization, 

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1 edge inventions into technological innova2 tions and new companies. In particular, 

3 grant funds shall seek to support innova4 tive approaches to achieving these goals 

5 that can be replicated by other institutions 

6 of higher education if the innovative ap7 proaches are successful. 

8 (C) COMMERCIALIZATION ACCELERATOR

9 GRANTS.—The Secretary shall award grants to 

10 support institutions of higher education pur11 suing initiatives that allow faculty to directly 

12 commercialize research in an effort to accel13 erate research breakthroughs. The Secretary 

14 may prioritize those initiatives that have a man15 agement structure that encourages collaboration 

16 between other institutions of higher education 

17 or other entities with demonstrated proficiency 

18 in creating and growing new companies based 

19 on verifiable metrics. 

20 (3) ASSESSMENT OF SUCCESS.—Grants award21 ed under this subsection shall use criteria for assess22 ing the success of programs through the establish23 ment of benchmarks. 

24 (4) TERMINATION.—The Secretary shall have 

25 the authority to terminate grant funding to an instiVerDate Mar 15 2010 03:51 May 23, 2012 Jkt 019200 PO 00000 Frm 00028 Fmt 6652 Sfmt 6201 E:\BILLS\S3217.IS S3217

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1 tution of higher education in accordance with the 

2 process and performance metrics recommended by 

3 the Council. 

4 (5) LIMITATIONS.— 

5 (A) PROJECT MANAGEMENT COSTS.—A 

6 grant recipient may use not more than 10 per7 cent of grant funds awarded under this sub8 section for the purpose of funding project man9 agement costs of the grant program. 

10 (B) SUPPLEMENT, NOT SUPPLANT.—An 

11 institution of higher education that receives a 

12 grant under this subsection shall use the grant 

13 funds to supplement, and not supplant, non14 Federal funds that would, in the absence of 

15 such grant funds, be made available for activi16 ties described in this section. 

17 (6) UNSPENT FUNDS.—Any funds transferred 

18 to the Secretary under paragraph (1) for a fiscal 

19 year that are not expended by the end of such fiscal 

20 year may be expended in any subsequent fiscal year 

21 through fiscal year 2017. Any funds transferred 

22 under paragraph (1) that are remaining at the end 

23 of the grant program’s authorization under this sub24 section shall be transferred to the Treasury for def25 icit reduction. 


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1 (c) COUNCIL.— 

2 (1) IN GENERAL.—Not later than 120 days 

3 after the date of the enactment of this Act, the 

4 Council shall convene and develop recommendations 

5 for criteria in awarding grants to institutions of 

6 higher education under subsection (b). 

7 (2) SUBMISSION TO COMMERCE AND PUBLICLY

8 RELEASED.—The Council shall— 

9 (A) submit the recommendations described 

10 in subparagraph (A) to the Secretary; and 

11 (i) release the recommendations to the 

12 public. 

13 (B) MAJORITY VOTE.—The recommenda14 tions submitted by the Council, as described in 

15 this paragraph, shall be determined by a major16 ity vote of Council members. 

17 (C) PERFORMANCE METRICS.—The Coun18 cil shall develop and provide to the Secretary 

19 recommendations on performance metrics to be 

20 used to evaluate grants awarded under sub21 section (b). 

22 (3) EVALUATION.— 

23 (A) IN GENERAL.—Not later than 180 

24 days before the date that the grant program 

25 authorized under subsection (b) expires, the 


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1 Council shall conduct an evaluation of the effect 

2 that the grant program is having on accel3 erating the commercialization of faculty re4 search. 

5 (B) INCLUSIONS.—The evaluation shall in6 clude— 

7 (i) the recommendation of the Council 

8 as to whether the grant program should be 

9 continued or terminated; 

10 (ii) quantitative data related to the ef11 fect, if any, that the grant program has 

12 had on faculty research commercialization; 

13 and 

14 (iii) a description of lessons learned in 

15 administering the grant program, and how 

16 those lessons could be applied to future ef17 forts to accelerate commercialization of 

18 faculty research. 

19 (C) AVAILABILITY.—Upon completion of 

20 the evaluation, the evaluation shall be made 

21 available on a public website and submitted to 

22 Congress. The Secretary shall notify all institu23 tions of higher education when the evaluation is 

24 published and how it can be accessed. 


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1 (d) CONSTRUCTION.—Nothing in this section may be 

2 construed to alter, modify, or amend any provision of 

3 chapter 18 of title 35, United States Code (commonly 

4 known as the ‘‘Bayh-Dole Act’’). 

5 SEC. 9. ECONOMIC IMPACT OF MAJOR FEDERAL AGENCY 

6 RULES. 

7 Section 553 of title 5, United States Code, is amend8 ed by adding at the end the following: 

9 ‘‘(f) REQUIRED REVIEW BEFORE ISSUANCE OF

10 MAJOR RULES.— 

11 ‘‘(1) IN GENERAL.—Before issuing a notice of 

12 proposed rulemaking in the Federal Register regard13 ing the issuance of a proposed major rule, the head 

14 of the Federal agency or independent regulatory 

15 agency seeking to issue the rule shall complete a re16 view that— 

17 ‘‘(A) analyzes the problem that the pro18 posed rule intends to address, including— 

19 ‘‘(i) the specific market failure, such 

20 as externalities, market power, or lack of 

21 information, that justifies such rule; or 

22 ‘‘(ii) any other specific problem, such 

23 as the failures of public institutions, that 

24 justifies such rule; 


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1 ‘‘(B) analyzes the expected impact of the 

2 proposed rule on the ability of new businesses 

3 to form and expand; 

4 ‘‘(C) identifies the expected impact of the 

5 proposed rule on State, local, and tribal govern6 ments, including the availability of resources— 

7 ‘‘(i) to carry out the mandates im8 posed by the rule on such government enti9 ties; and 

10 ‘‘(ii) to minimize the burdens that 

11 uniquely or significantly affect such gov12 ernmental entities, consistent with achiev13 ing regulatory objectives; 

14 ‘‘(D) identifies any conflicting or duplica15 tive regulations; 

16 ‘‘(E) determines— 

17 ‘‘(i) if existing laws or regulations cre18 ated, or contributed to, the problem that 

19 the new rule is intended to correct; and 

20 ‘‘(ii) if the laws or regulations re21 ferred to in clause (i) should be modified 

22 to more effectively achieve the intended 

23 goal of the rule; and 

24 ‘‘(F) includes the cost-benefit analysis de25 scribed in paragraph (2). 


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1 ‘‘(2) COST-BENEFIT ANALYSIS.—A cost-benefit 

2 analysis described in this paragraph shall include— 

3 ‘‘(A)(i) an assessment, including the un4 derlying analysis, of benefits anticipated from 

5 the proposed rule, such as— 

6 ‘‘(I) promoting the efficient func7 tioning of the economy and private mar8 kets; 

9 ‘‘(II) enhancing health and safety; 

10 ‘‘(III) protecting the natural environ11 ment; and 

12 ‘‘(IV) eliminating or reducing dis13 crimination or bias; and 

14 ‘‘(ii) the quantification of the benefits de15 scribed in clause (i), to the extent feasible; 

16 ‘‘(B)(i) an assessment, including the un17 derlying analysis, of costs anticipated from the 

18 proposed rule, such as— 

19 ‘‘(I) the direct costs to the Federal 

20 Government to administer the rule; 

21 ‘‘(II) the direct costs to businesses 

22 and others to comply with the rule; and 

23 ‘‘(III) any adverse effects on the effi24 cient functioning of the economy, private 

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1 ment, and competitiveness), health, safety, 

2 and the natural environment; and 

3 ‘‘(ii) the quantification of the costs de4 scribed in clause (i), to the extent feasible; 

5 ‘‘(C)(i) an assessment, including the un6 derlying analysis, of costs and benefits of poten7 tially effective and reasonably feasible alter8 natives to the proposed rule, which have been 

9 identified by the agency or by the public, in10 cluding taking reasonably viable nonregulatory 

11 actions; and 

12 ‘‘(ii) an explanation of why the proposed 

13 rule is preferable to the alternatives identified 

14 under clause (i). 

15 ‘‘(3) REPORT.—Before issuing a notice of pro16 posed rulemaking in the Federal Register regarding 

17 the issuance of a proposed major rule, the head of 

18 the Federal agency seeking to issue the rule shall— 

19 ‘‘(A) submit the results of the review con20 ducted under paragraph (1) to— 

21 ‘‘(i) Congress; and 

22 ‘‘(ii) the Office of Information and 

23 Regulatory Affairs in the Office of Man24 agement and Budget; and 


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1 ‘‘(B) post the results of the review con2 ducted under paragraph (1) on a publicly avail3 able website. 

4 ‘‘(4) JUDICIAL REVIEW.—Any determinations 

5 made, or other actions taken, by an agency or inde6 pendent regulatory agency under this subsection 

7 shall not be subject to judicial review. 

8 ‘‘(5) DEFINED TERM.—In this subsection the 

9 term ‘major rule’ has the meaning given the term in 

10 section 804.’’. 

11 SEC. 10. BIENNIAL STATE STARTUP BUSINESS REPORT. 

12 (a) DATA COLLECTION.—The Secretary of Com13 merce shall regularly compile information from each of the 

14 50 States and the District of Columbia on State laws that 

15 affect the formation and growth of new businesses within 

16 the State or District. 

17 (b) REPORT.—Not later than 18 months after the 

18 date of the enactment of this Act, and every 2 years there19 after, the Secretary, using data compiled under subsection 

20 (a), shall prepare a report that— 

21 (1) analyzes the economic effect of State and 

22 District laws that either encourage or inhibit busi23 ness formation and growth; and 


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1 (2) ranks the States and the District based on 

2 the effectiveness with which their laws foster new 

3 business creation and economic growth. 

4 (c) DISTRIBUTION.—The Secretary shall— 

5 (1) submit each report prepared under sub6 section (b) to Congress; and 

7 (2) make each report available to the public on 

8 the Department of Commerce’s website. 

9 (d) INCLUSION OF LARGE METROPOLITAN AREAS.— 

10 Not later than 90 days after the submission of the first 

11 report under this section, the Secretary of Commerce shall 

12 submit to Congress a study on the feasibility and advis13 ability of including, in future reports, information about 

14 the effect of local laws and ordinances on the formation 

15 and growth of new businesses in large metropolitan areas 

16 within the United States. 

17 (e) AUTHORIZATION OF APPROPRIATIONS.—There 

18 are authorized to be appropriated such sums as may be 

19 necessary to carry out this section. 

20 SEC. 11. NEW BUSINESS FORMATION REPORT. 

21 (a) IN GENERAL.—The Secretary of Commerce shall 

22 regularly compile quantitative and qualitative information 

23 on businesses in the United States that are not more than 

24 1 year old. 

25 (b) DATA COLLECTION.—The Secretary shall— 


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1 (1) regularly compile information from the Bu2 reau of the Census’ business register on new busi3 ness formation in the United States; and 

4 (2) conduct quarterly surveys of business own5 ers who start a business during the 1-year period 

6 ending on the date on which such survey is con7 ducted to gather qualitative information about the 

8 factors that influenced their decision to start the 

9 business. 

10 (c) RANDOM SAMPLING.—In conducting surveys 

11 under subsection (b)(2), the Secretary may use random 

12 sampling to identify a group of business owners who are 

13 representative of all the business owners described in sub14 section (b)(2). 

15 (d) BENEFITS.—The Secretary shall inform business 

16 owners selected to participate in a survey conducted under 

17 this section of the benefits they would receive from partici18 pating in the survey. 

19 (e) VOLUNTARY PARTICIPATION.—Business owners 

20 selected to participate in a survey conducted under this 

21 section may decline to participate without penalty. 

22 (f) REPORT.—Not later than 18 months after the 

23 date of the enactment of this Act, and every 3 months 

24 thereafter, the Secretary shall use the data compiled under 

25 subsection (b) to prepare a report that— 


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1 (1) lists the aggregate number of new busi2 nesses formed in the United States; 

3 (2) lists the aggregate number of persons em4 ployed by new businesses formed in the United 

5 States; 

6 (3) analyzes the payroll of new businesses 

7 formed in the United States; 

8 (4) summarizes the data collected under sub9 section (b); and 

10 (5) identifies the most effective means by which 

11 government officials can encourage the formation 

12 and growth of new businesses in the United States. 

13 (g) DISTRIBUTION.—The Secretary shall— 

14 (1) submit each report prepared under sub15 section (f) to Congress; and 

16 (2) make each report available to the public on 

17 the Department of Commerce’s website. 

18 (h) AUTHORIZATION OF APPROPRIATIONS.—There 

19 are authorized to be appropriated such sums as may be 

20 necessary to carry out this section. 

21 SEC. 12. RESCISSION OF UNSPENT FEDERAL FUNDS. 

22 (a) IN GENERAL.—Notwithstanding any other provi23 sion of law, of all available unobligated funds for fiscal 

24 year 2012, the amount necessary to carry out this Act and 


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1 the amendments made by this Act in appropriated discre2 tionary funds are hereby rescinded. 

3 (b) IMPLEMENTATION.—The Director of the Office of 

4 Management and Budget shall determine and identify 

5 from which appropriation accounts the rescission under 

6 subsection (a) shall apply and the amount of such rescis7 sion that shall apply to each such account. Not later than 

8 60 days after the date of the enactment of this Act, the 

9 Director of the Office of Management and Budget shall 

10 submit a report to the Secretary of the Treasury and Con11 gress of the accounts and amounts determined and identi12 fied for rescission under the preceding sentence. 

Æ 


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