Reduces tax credits for Next New Jersey Program by $250 million and reallocates them for energy storage projects and tax credits for lower-income.
The "End Data Center Tax Credits Act" reduces the total amount of tax credits available under the Next New Jersey Program by $250 million and reallocates that amount to incentivize energy storage projects and to provide gross income tax credits for lower-income residential electric customers. The bill authorizes the Board of Public Utilities to award tax credits to developers of energy storage projects under existing programs. It also establishes a one-time gross income tax credit of $100 for any taxpayer with gross income no more than $55,000, who is a residential electric customer.
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