Notwithstanding the provisions of §§ 44-13-1 and 44-13-4, the gross earnings from the sale and from the storage, use or other consumption in this state of electricity and natural gas when purchased for the purpose of being manufactured into a finished product for resale, as further defined by § 44-18-30(7), are subject to the following public service corporation tax rates: (1) In the case of every corporation whose principal business is manufacturing, selling, distributing and/or transmitting currents of electricity to be used for light, heat, or motive power, three percent (3%) of those gross earnings effective July 1, 1994; provided, that the rate shall be two percent (2%) effective July 1, 1995, one percent (1%) July 1, 1996, and zero percent (0%) effective July 1, 1997. (2) In the case of every corporation whose principal business is manufacturing, selling and/or distributing to the public illuminating or heating gas, two percent (2%) of those gross earnings effective July 1, 1994; provided, that the rate shall be one percent (1%) effective July 1, 1995, and zero percent (0%) effective July 1, 1996.
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