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Senate Bill Cuts $250M Data-Center Credits, Funds Energy Storage

6/26/2026

34 8 Full Breakdown

Summary

Story summary

On June 24, 2026, the Senate Budget and Appropriations Committee advanced Bill S-4390 unanimously.
The bill ends $250 million in data-center tax credits in the Next New Jersey Program.
It redirects the removed credits to energy-storage projects.
It creates $100 credit for customers earning up to $55,000.
Governor Mikie Sherrill ties the cut to requiring data centers to pay for electricity, aiming to support jobs as sector may consume 10 % of power.

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Story summary

On June 24, 2026, the Senate Budget and Appropriations Committee advanced Bill S-4390 unanimously.
The bill ends $250 million in data-center tax credits in the Next New Jersey Program.
It redirects the removed credits to energy-storage projects.
It creates $100 credit for customers earning up to $55,000.
Governor Mikie Sherrill ties the cut to requiring data centers to pay for electricity, aiming to support jobs as sector may consume 10 % of power.