§ 1201-c. Credits against taxes administered by cities of one million
or more. Any utility company which is subject to the supervision of the
public service commission and is required to grant rebates or discounts
on bills for energy services in accordance with article two-I of the
general city law shall be entitled to a credit for such rebates or
discounts against the amount of tax to 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 article. The amounts of such
rebates or discounts shall not be treated as affecting or reducing the
gross receipts otherwise subject to tax under such gross receipts tax or
reducing the amount of tax imposed by or pursuant to any authorization
contained in this chapter.