SECTION 1. Notwithstanding clause forty-first A of section 5 of chapter 59 of the General Laws, the city of Newton may, by ordinance, adopt a maximum qualifying gross receipts amount of more than $40,000 but not more than $60,000 for purposes of the tax deferral program authorized under that section. This ordinance may include formulas that allow partial exemptions for eligible persons who have gross receipts of more than $40,000 but not more than $60,000.
SECTION 2. This act shall take effect upon its passage.