A. Any commercial consumer of gas or electric energy which is engaged in business in the city, and which consumes natural gas or electric energy provided by a public utility subject to the utility revenue tax imposed by this section shall be entitled to a rebate of that portion of the combined utility revenue tax and two percent (2%) franchise fee which exceeds three-fourths (3/4) of one percent (1%) of the gross sales of said commercial consumer.
B. For the purposes of this section, it shall be deemed that the amount paid by each qualifying commercial consumer to each subject public utility for natural gas or electric energy includes a payment of six percent (6%) utility revenue tax and a payment of two percent (2%) franchise fee. The term "gross sales", as used in this section, shall be defined consistent with the definition of that term as found in the internal revenue code effective for the consumer's taxable year during which a rebate is sought.
C. Rebate shall be made on a yearly basis to coincide with the commercial consumer's taxable year, as adopted for federal income tax purposes. Application shall be made to the city treasurer for the rebate provided herein no sooner than forty five (45) days and no later than four (4) months after the close of the commercial consumer's taxable year. (Prior code § 20-3-14.2)