The Economic Costs of Inaction on Immigration Reform

Last June, the Senate passed a bipartisan immigration reform bill that would grow our economy and shrink the deficit. But without action from the House to move forward in the last year, our country is losing out on these economic gains.

Bills Being Proposed to Help Small Business Startups

The Small Business Startup Support Act (S 2088), introduced by Sen. John Rockefeller [D-WV]

  • This bill would amend the tax code to permanently double the amount of start-up expenses (from $5,000 to $10,000) entrepreneurs can deduct from their taxes. What do you think of this bill?

 Submit your comments to your U.S. Senators about this bill using POPVOX. (78 comments thus far; 79% Support / 21% Oppose)

The Startup Expansion and Investment Act (HR 2941 intr’d by Rep. Ben Quayle [R-AZ3]  and S 1962 intro’d by Sen. Jim DeMint [R-SC])

  • Amends the Sarbanes-Oxley Act of 2002 to revise an exception to rules prescribed by the Securities and Exchange Commission (SEC) that require the annual reports of certain publicly traded securities issuers to contain: (1) an assessment of the issuer’s internal control structure and procedures for financial reporting, and (2) an attestation to such assessment by each registered public accounting firm that prepares or issues an audit report for the issuer.
  • Permits an issuer to elect not to provide such an assessment and attestation if the issuer: (1) has a total market capitalization for the relevant reporting period of less than $1 billion, and (2) is not subject to the annual reporting requirement under the Securities Exchange Act of 1934. (Current law exempts issuers with an aggregate worldwide market value of the voting and non-voting common equity held by its non-affiliates of below $75 million, as of the last business day of the issuer’s most recently completed second fiscal quarter.)
  • Requires an issuer electing not to provide such assessment and attestation to disclose that decision in its next annual report.

Submit comments about HR 2941 to your Rep in the US House using POPVOX (44 comments thus far;75% Support / 25% Oppose)
Submit comments about S 1962 to your Senators in the US Senate using POPVOX (26 comments thus far; 77% Support / 23% Oppose)

The Startup Act (S 1965. intro’d by Sen. Jerry Moran [R-KS] and HR 3427, intro’d by Rep. Lloyd Doggett [D-TX25])

  • Startup Technical Assistance for Reemployment Training and Unemployment Prevention Act or the STARTUP Act – Amends the Federal-State Extended Unemployment Compensation Act of 1970 to authorize states to establish a self-employment assistance program (a program to provide unemployed individuals with an allowance in lieu of extended unemployment compensation to establish a business and become self-employed). Amends the Supplemental Appropriations Act, 2008 to allow individuals receiving emergency unemployment compensation to participate in a self-employment assistance program.
  • Directs the Secretary of Labor to: (1) award grants to states for self-employment assistance programs; (2) develop model language that may be used by states in enacting such programs and provide technical assistance to states in establishing, improving, and administering such programs; (3) establish reporting requirement for states that have established such programs; and (4) report to Congress on the effectiveness of such programs.
  • Amends the Riegle Community Development and Regulatory Improvement Act of 1994 to repeal the program for investment in microentrepreneurs. Limits and rescinds funding for the Loan Modernization and Accounting System established by the Small Business Administration (SBA). Directs the Administrator of SBA to terminate the Special Purpose Counseling Grant program under the Small Business Act.

Submit comments about HR 3427 to your Rep in the US House using POPVOX (26 comments thus far; 50% Support / 50% Oppose)
Submit comments about S 1965 to your Senators in the US Senate using POPVOX (61 comments thus far; 61% Support / 39% Oppose)

The Entrepreneur Startup Growth Act (HR 3571, introduced by Rep. Judy Chu [D-CA32])

  • Directs the Commissioner of the Internal Revenue Service (IRS), in consultation with the Administrator of the Small Business Administration (SBA), to establish a self-employment tax initiative grant program to provide certain self-employed individuals with modified adjusted gross incomes of $50,000 or less with affordable tax preparation and business development assistance. Authorizes the Commissioner to make program grants of not more than $75,000 to community-based organizations, microlenders, nonprofit organizations, institutions of higher education, and local governments.
  • Directs the Comptroller General to study and report on such program, including program outcomes.

Submit comments about HR 3571 to your Rep in the US House using POPVOX (29 comments thus far, 38% Support / 62% Oppose)

The Startup Visa Act (S 565 and HR 1114)

  • Amends the Immigration and Nationality Act to establish an employment-based, conditional immigrant visa (StartUp visa) for a sponsored alien entrepreneur: (1) with required amounts of financial backing from a qualifying investor, government entity, or venture capitalist; and (2) whose commercial activities will generate required levels of employment, revenue, or capital investment.
  • Directs the Secretary of Homeland Security (DHS) to terminate the status of a sponsored entrepreneur (and the alien spouse and children of such entrepreneur) if not later than three years after the date on which such permanent resident status was conferred: (1) the sponsoring venture capitalist or investor fails to meet investment requirements; or (2) the entrepreneur fails to meet job creation, capital investment, or revenue requirements.

Submit comments about HR 1114 to your Rep in the US House using POPVOX (116 comments thus far; 55% Support / 45% Oppose)
Submit comments about S 565 to your Senators in the US Senate using POPVOX (577 comments thus far; 51% Support / 49% Oppose)