Section 1 Short title
This Act may be cited as the “Promoting Startup Innovation Act”.
Promoting Startup Innovation Act
A BILL
To amend title 35, United States Code, to modify the definition of micro entity.
Sec. 2 Definition of micro entity
In general— Section 123 of title 35, United States Code, is amended—
in subsection (a)—
in paragraph (2), by striking “more than 4” and inserting “more than 7”;
in paragraph (3), by striking “3 times” and inserting “5 times”; and
in paragraph (4), by striking “3 times” and inserting “5 times”; and
by adding at the end the following:
“(f) Determinations on applications for status—The Director shall approve or deny any application for status as a micro entity not later than 45 days after the date on which the application is submitted.”
Effective date— The amendments made by this section shall apply with respect to applications for status as a micro entity that are submitted on or after the date of the enactment of this Act.