Highly skilled Indians get smooth passage to US in new immigration bill

Feb 16 2013, 11:21 IST
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An immigration bill, targeting highly skilled talents from India and China, was introduced in the US Congress. (Reuters) An immigration bill, targeting highly skilled talents from India and China, was introduced in the US Congress. (Reuters)
SummaryTargeting highly skilled talents from India and China, Startup 3.0 was introduced in US Congress.

an immigrant.

Research shows that startups create three million jobs per year, on average.

Among other things, the bill eliminates the per-country caps for employment-based immigrant visas - which hinder US employers from recruiting the top-tier talent they need to grow.

Senator Christopher Coons said Startup Act 3.0 will help bring ideas and discoveries from the laboratory to the marketplace, help startups access the R&D Tax Credit which supports growth and job creation, and ensuring that when a foreign-born, American-educated graduate student in science, technology, engineering or math has a great idea to start a business, they do it here in the United States instead of going home to compete with us.

Among other things, the bill eliminates the per-country caps for employment-based immigrant visas - which hinder US employers from recruiting the top-tier talent they need to grow.

It makes permanent the exemption of capital gains taxes on the sale of startup stock held for at least five years Ė so investors can provide financial stability at a critical juncture of firm growth; and creates a limited research and development tax credit for young startups less than five years old and with less than USD5 million in annual receipts.

"America has long been seen as the land of opportunity for innovators and entrepreneurs. We must do everything possible to make certain that remains true," Senator Jerry Moran said.

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