§ 1201-b. Additional credits against taxes administered by cities of
one million or more. Any person, corporation or other entity required or
permitted to grant rebates or discounts on bills for electricity, gas or
steam in accordance with a local law adopted pursuant to article two-G
of the general city law shall be entitled to a refundable credit for
such rebates and discounts made, to the extent such credit is
specifically authorized by such article of the general city law, against
the amount of tax of be paid pursuant to any gross receipts tax imposed
by a local law adopted pursuant to subdivision (a) of section twelve
hundred one of this chapter. Notwithstanding any other provision of law
to the contrary, no taxpayer taking a credit as authorized herein shall
incur any increased liability for any taxes imposed pursuant to the
authorization contained in chapter seven hundred seventy-two of the laws
of nineteen hundred sixty-six, as amended, by reason of such credit.