Is Congress broken? Startup Act shows what can work.

Senator Warner said the bill had "a pretty good shot" in an interview with CNN, while Senator Moran said "80 percent" of Congress would be in favor of the bill's immigration provisions.

The bill will also likely benefit from political cover from both parties' presidential candidates. Some of its provisions stem from recommendations made by President Obama's jobs council, while likely GOP nominee Mitt Romney has found its principles "appealing," according to Moran.

Of course, the Startup Act, even if it passes, would hardly herald the end of hyperpartisanship on Capitol Hill. But it is a potential reminder that, when the conditions are right, members of both parties are far from giving up on good.

"There are plenty of things for Republicans and Democrats to debate about, that's why we have elections," said Sen. Marco Rubio (R) of Florida, a rising GOP star and co-sponsor of the legislation. "On the things we agree on, we should do 'em."

Startup Act in brief

According to a press release from Warner's office, the Startup Act would:

• Creates a new visa so US-educated foreign students who graduate with a master’s or PhD in science, technology, engineering, or mathematics, can receive a green card and stay in this country. It also creates an Entrepreneur’s Visa for legal immigrants so they can remain in the United States, launch businesses, and create jobs, and eliminates the per-country caps for employment-based immigrant visas.
• Makes 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. It also would create a targeted research-and-development tax credit for 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, freeing up resources to help young companies expand and create jobs.
• Uses existing federal R&D funding to better support university initiatives designed to bring cutting-edge R&D to the marketplace more quickly, where it can propel economic growth.
• Requires government agencies to conduct a cost-benefit analysis of proposed “major rules” with an economic impact of $100 million or more. This new requirement will help determine the potential impact of proposed regulations on the formation and growth of new businesses.
• Directs the US Department of Commerce to assess state and local policies that aid in the development of new businesses. 

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