A bill to provide a system for adjusting depreciation schedules for tax purposes so as to ensure the vitality of key industries.

States Congressional findings with respect to the need to increase the productivity of American industry and to provide more realistic depreciation schedules for American industry. States the purpose of this Act as the establishment of a system for the adjustment of depreciation schedules to aid American industries.

Establishes a National Council for Industrial Innovation and Reconstruction (Council). Requires the Council and the Secretary of the Treasury to seek information and advice from the private sector with respect to depreciation schedules and their impact on specific industries and their workers. Directs the Secretary to form representative industry advisory committees for the purpose of obtaining expert advice and information on depreciation reform.

Specifies that provisions of the Federal Advisory Committee Act shall apply to the Council and all advisory committees formed by the Secretary. Provides for the confidentiality of trade secrets and privileged commercial or financial information which is submitted to the Council by the private sector.

Requires the Council to hold public hearings during the first calendar quarter of 1980, 1981, and 1982 on depreciation schedules then in effect and on requests for adjustments to such schedules. Directs the Secretary to review the recommendations of the Council. Limits the amount of revenue loss from such adjustments in the depreciation schedules to $15,000,000 for a specified five year period.

Sets forth factors which the Council and the Secretary shall consider in making their recommendations for adjustments to the depreciation schedules.

Directs the Secretary to submit a report to Congress on the impact of this Act in encouraging the modernization, structural adjustment, and expansion of American industry.