In order to reimburse public utilities for the revenue deficiencies that they incur in providing special reduced electric or natural gas, water, or sewer utility rates to low-income residential customers in accordance with the provisions of §24-2A-1 et seq. of this code, there is hereby provided a business and occupation tax credit for reducing electric, […]
(a) Any term used in this article shall have the same meaning as when used in a comparable context in §11-13-1 et seq. of this code, unless a different meaning is clearly required by the context of its use or by definition in this article. (b) For purposes of this article, the term: (1) “Eligible […]
(a) There shall be allowed to any eligible taxpayer a credit against the business and occupation taxes imposed by §11-13-1 et seq. of this code, for reducing electric and natural gas utility rates. The amount of the credit available to any eligible taxpayer shall be equal to its cost of providing electric or natural gas […]
An eligible taxpayer may claim a credit allowed under this article against its business and occupation tax liability for the year in which it receives certification of the amount of its revenue deficiency from the Public Service Commission. Notwithstanding the provisions of section four, article thirteen of this chapter to the contrary, in determining the […]
(a) Any unused portion of a credit allowed under this article may be taken as a credit against corporation net income taxes due for the taxable year, as provided in section eleven, article twenty-four of this chapter. (b) If any portion of the amount certified as its revenue deficiency by the Public Service Commission is […]
