SECTION 1. Clause fifty-fifth of section 5 of chapter 59 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by striking out the second paragraph and inserting in place thereof the following paragraph:-
Notwithstanding any provision of general or special law to the contrary, an abatement granted pursuant to this section may be increased annually in the discretion of a city or town by an amount not to exceed the increase in the cost of living as determined by the Consumer Price Index for such year. This paragraph shall take effect in a city or town upon its acceptance by such city or town.
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