Yep, for what is (apparently) a limited time, you can pick up a year (that's 12 whole months) of Xbox Live Gold for just $40 (USD). That's $20 off of the normal price of $60, for those keep track at home.
You can pick up your discounted 12 months of Gold over at the Microsoft store.
You can pick up your discounted 12 months of Gold over at the Microsoft store.