Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Notwithstanding the provisions of any general or special law to the contrary, real estate owned by an economic development corporation whose purpose is to retain and expand job opportunities and which is exempt under the provisions of section five hundred and one (c) (3) of the Federal Internal Revenue Code shall be eligible for exemption under clause Forty-sixth of section five of chapter fifty-nine of the General Laws; provided, however, that such corporation was so organized prior to nineteen hundred and sixty-six; and, provided further, that such real estate otherwise qualifies under the provisions of said clause Forty-sixth.
SECTION 2. This act shall take effect in a city or town which accepts its provisions in accordance with the provisions of section four of chapter four of the General Laws.