Targeting highly skilled talents from India and China, a bi-partisan group of U.S. lawmakers has recently introduced a new bill in the Congress to create over 125,000 new visas to lure global talents to America.

The bill called Startup 3.0 has the potential to increase America's access to talent by creating a new set of conditional visas for 75,000 immigrant entrepreneurs and 50,000 foreign STEM (Science technology, engineering and math) graduate students. The authors of the bill opined that this will create half a million new American jobs.

The bill has the support of top U.S. companies and organizations. Startup 3.0 allows qualified companies to apply research and development tax credits to their payroll tax liability which can be up to $250,000. For small startups, it also makes permanent the 100 percent capital gains tax exemption on investments that are held for more than five years, in addition to the 28 percent exemption on qualified small business stock. These provisions will unravel over $7.5 billion in new investments which will result in more innovation and jobs.

Finally, the bill helps cut red tape, by requiring a cost-benefit analysis of any significant rule being proposed by a federal or independent agency. According to the authors of the bill, research has demonstrated the positive impact of immigrants on American job creation: more than 40 percent of all Fortune 500 companies were founded by an immigrant or the child of an immigrant.