WASHINGTON -- Industry business leaders are calling on Congress to renew the depreciation laws tied to the Economic Stimulus Act of 2008, which allowed companies to reduce the time it take to recoup outlays for capital equipment.

Per H.R. 5140, Congress shortened the time frame under which certain businesses assets could be depreciated. The rules expired Dec. 31. 

"A strong manufacturing sector is critical to a rapid economic recovery," wrote Matthew Holzmann, president of Christopher Associates, in one letter. "It would seem from the headlines that only certain industries would benefit from many of the proposals in Congress at present.  Reinstatement of accelerated depreciation, especially as written in H.R. 5150, will help all industries and is a real, tangible tool for keeping America strong."