The Governor and S. 1394 imposes greater complexity by decoupling the new Federal depreciation incentives (which are designed to encourage post 9/11 investments) from New Jersey’s tax rules. I do not believe that the legislation would save $150 million as estimated by the administration. As an advocate for simplification, I would strongly oppose depreciation decoupling in any form. Rather, I would recommend that the 100% New Jersey allowance for meals and entertainment be re-coupled to follow the Federal rules, in which meals and entertainment are only 50% allowable. Although I agree that necessary meals and entertainment expenditures should be fully deductible, I would rather raise revenue through a process that simplifies New Jersey tax computations (by minimizing differences from the Federal tax base) rather than adding greater complexity.