Section 4-f - Credit relating to certain sales and compensating use taxes on electricity used in manufacturing, processing or assembling(1)(a) In addition to any other credit allowed by this part, a taxpayer shall be allowed a credit against the tax imposed by this part to be credited or refunded in the manner hereinafter provided in this section. The amount of such credit shall be equal to the amount of sales and compensating use taxes imposed by section eleven hundred seven of the tax law during the taxpayer's taxable year which became legally due on or after and was paid on or after July first, nineteen hundred eighty-four, less any credits or refunds of such taxes, with respect to the purchase or use by the taxpayer of electricity or electric service of whatever nature for use or consumption directly and exclusively in the production of tangible personal property for sale by manufacturing, processing or assembling. Provided, however, the amount of the credit allowed by this paragraph shall be reduced by the amount of any rebate or rebates received during the taxpayer's taxable year pursuant to a local law enacted in accordance with article two-G of the general city law.(b) In addition to any other credit allowed by this part, a taxpayer shall be allowed a credit against the tax imposed by this part to be credited or refunded in the manner hereinafter provided in this subdivision. The amount of such credit shall be equal to the percentage specified below of the amount of sales and compensating use taxes imposed by section eleven hundred seven of the tax law during the taxpayer's taxable year which became legally due on or after and was paid on or after July first, nineteen hundred eighty-eight, less any credit or refund of such taxes, with respect to the purchase or use by a non-residential energy user, as such term is defined in article two-G of the general city law, of electricity or electric service purchased at retail from the power authority of the state of New York or the port authority of the state of New York and New Jersey, provided, however, that no credit shall be allowed with respect to purchases from such port authority unless it shall be an "eligible vendor of energy services", as defined in paragraph one of subdivision (c) of section twenty-five-v of the general city law, and shall have obtained a certification of eligibility in accordance with subdivision (b) of section twenty-five-w of such law; during the period commencing July first, nineteen hundred eighty-eight and ending June thirtieth, nineteen hundred eighty-nine the credit shall be in an amount equal to twenty-five per centum of such sales and compensating use taxes imposed; during the period commencing July first, nineteen hundred eighty-nine and ending June thirtieth, nineteen hundred ninety the credit shall be in an amount equal to fifty per centum of such taxes imposed; during the period commencing July first, nineteen hundred ninety and ending June thirtieth, nineteen hundred ninety-one the credit shall be in an amount equal to seventy-five per centum of such taxes imposed; and during the period commencing July first, nineteen hundred ninety-one and thereafter the credit shall be in an amount equal to one hundred per centum of such taxes imposed.(c) In addition to any other credit allowed by this part, a taxpayer shall be allowed a credit against the tax imposed by this part to be credited or refunded in the manner hereinafter provided in this subdivision. The amount of such credit shall be equal to the percentage specified below of the amount of sales and compensating use taxes imposed by section eleven hundred seven of the tax law during the taxpayer's taxable year which became legally due on or after and was paid on or after July first, nineteen hundred eighty-eight, less any credit or refund of such taxes, with respect to the purchase or use by a non-residential fuel user of fuel or fuel service except fuel used to operate motor vehicles; during the period commencing July first, nineteen hundred eighty-eight and ending June thirtieth, nineteen hundred eighty-nine the credit shall be in an amount equal to twenty-five per centum of such sales and compensating use taxes imposed, during the period commencing July first, nineteen hundred eighty-nine and ending June thirtieth, nineteen hundred ninety the credit shall be in an amount equal to fifty per centum of such taxes imposed; during the period commencing July first, nineteen hundred ninety and ending June thirtieth, nineteen hundred ninety-one the credit shall be in an amount equal to seventy-five per centum of such taxes imposed; and during the period commencing July first, nineteen hundred ninety-one and thereafter the credit shall be in an amount equal to one hundred per centum of such taxes imposed. For purposes of this paragraph, the term "non-residential fuel user" shall mean any non-residential user of fuel, except a government agency or instrumentality thereof, public benefit corporation, or any entity that is exempt from the sales tax imposed pursuant to section eleven hundred seven of the tax law, provided that the term "non-residential fuel user" shall not include an owner or operator of residential income producing property, except a hotel.(2) The credit allowed under this section for any taxable year shall be deemed to be an overpayment of tax by the taxpayer to be credited or refunded, without interest, in accordance with the provisions of section seventy-seven of this title.(3) Where the taxpayer receives a refund or credit of any tax imposed under section eleven hundred seven of the tax law for which the taxpayer had claimed a credit under the provisions of this section in a prior taxable year, the amount of such tax refund or credit shall be added to the tax imposed by section three of this part, and such amount shall be subtracted in computing entire net income for the taxable year.N.Y. General City Model Law § 4-f