Amount of credit

(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 service, or both, at special reduced rates as certified by the Public Service Commission under the provisions of §24-2A-2 of this code to qualified residential customers, less any reimbursement of said cost which the taxpayer has received through any other means. (b) For tax years beginning on or after January 1, 2019, 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 rates for providing electric, natural gas, sewer or water service, or any combination of electric, natural gas, water or sewer services. The amount of the credit available to any eligible taxpayer shall be equal to its cost of providing utility service at special reduced rates to qualified residential customers, less any reimbursement of said cost which the taxpayer has received through any other means.