Section 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.