AGC representative testifies before Senate on tax laws
Jul 26, 2005 9:53 AM
Ken Simonson calls for “simple, stable” rules for contractors
Chief economist of the Associated General Contractors (AGC) of America, Ken Simonson, recently testified at a hearing held by the Senate Finance Subcommittee on long-term growth and debt reduction. Simonson called for a “simple, rational, and relatively stable set of tax rules” for depreciation.
Based on an informal e-mail survey conducted before the hearing, Simonson said that contractors believe the accelerated five-year write-off allowed for most equipment is appropriate and that computers and associated software, small equipment, and tools should be either written off in three-years or expensed.
He also said that AGC is in favor of allowing expensing for pollution control devices, including engine replacements or rebuilds that contractors add to existing equipment. He asked Congress not to lengthen depreciation for structures and to avoid short-term tax changes.
A full report is available at www.agc.org.
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