The Subcommittee on Long-Term Growth and Debt Reduction of the Senate Finance Committee holds a public hearing today on Updating Depreciable Lives: Is There Salvage Value in the Current System?  Here are the witnesses scheduled to appear:

• Joseph M. Mikrut (Capitol Tax Partners, Washington, D.C.)
• Thomas S. Neubig (National Director, Quantitative Economics and Statistics, Ernst & Young LLP, Washington, D.C.)
• Jane Gravelle (Senior Specialist in Economic Policy, Congressional Research Service, Library of Congress, Washington, D.C.)
• Kenneth D. Simonson (Chief Economist, Associated General Contractors of America, Alexandria, VA)
• Christopher R. Anderson (President, Massachusetts High Technology Council, Inc., Waltham, MA)

The hearing will be held beginning at 2:30 pm in 215 Dirksen Senate Office Building.

In connection with the hearing, the Joint Committee on Taxation has issued Present Law And Legislative Background Relating To Depreciation And Section 179 Expensing (JCX-54-05):

This document, prepared by the staff of the Joint Committee on Taxation, provides a description of present law and legislative background relating to depreciation and section 179 expensing of tangible property used in a trade or business. This pamphlet does not address other cost-recovery concepts, such as amortization of intangible assets.