N.Y. Tax Law § 1201-b: Additional credits against taxes administered by cities of one million or more

§ 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.