While I have not yet read the proposed legislation, the three major prongs of the bill discussed in the article appear to be:
1) Creation of a new class of entrepreneur’s visa to allow people who start new businesses and create jobs to remain in the country;
2) To make is easier for foreign students holding post-graduate degrees in math, science, or engineering to remain in the country after finish their studies; and
3) To create targeted tax credits to encourage start-up companies to invest in R&D, but allowing investors who cash in on investments in such companies to avoid capital gains taxes, so long as they held the investment for at least 5 years.
All three of these stated goals are exactly the sort of incentivization that the federal government should be pursuing to help cement the U.S. as the premier hub of IT innovation. In particualr, the investment tax credits, which require a hold time of at least 5 years is particularly important to encourage investment in technologies that have longer maturity cycles. (See all so my earlier post on the current VC landscape: https://briskinlaw.wordpress.com/2012/05/22/innovation-isnt-dead-it-just-moved-to-the-cloud-vs-the-golden-age-of-silicon-valley-is-over-fight/)
Hopefully this legislation will get the support it deserves!