No credit on the amount of tax computed by the taxpayer or by the comptroller shall be allowed to any taxpayer for accrued compensation to the city on taxpayer's gross operating revenue at the rate provided by any subsisting franchise ordinance granting to the taxpayer or the taxpayer's supplier the right, permission and authority to use the streets and public property of the city for construction, maintenance or operation of any plant or equipment used or useful in distributing, supplying, furnishing or selling electricity. The express purpose of this tax is to generate revenue in addition to whatever revenues are established in franchise or other contractual agreements which are in effect or may come into effect with the taxpayer.
(Prior code § 132-21; Amend Coun. J. 11-14-91, p. 7458; Amend Coun. J. 11-16-11, p. 13798, Art. I, § 3)